Whales Cashed Out on Shiba Inu Profit and Now The Meme coin is Down

Ethereum whales cashed out so much Shiba Inu profit that the meme coin is going down!

Based on data from WhaleStats, the largest Ethereum whale wallets accumulated over $88 million worth of Shiba Inu within a 24-hour period. The top two purchases included $40 million and $34 million worth of Shiba Inu by whales in the top 1000 Ethereum addresses.

Shiba Inu is now the second-largest non-Ethereum whale holding. Massive accumulation by whales failed to trigger a trend reversal in Shiba Inu price. Shiba Inu developers recently announced their entry into the metaverse with "Shibverse."  The announcement of SHIB's entry into the metaverse did not significantly impact the memecoin's price. Proponents believe that traders likely lost interest in the meme coin over the past few weeks, and its social dominance plunged.  Analysts at the YouTube channel Vision Pulse Trades evaluated the SHIB price trend and predicted that a drop below $0.00001756 could push the meme coin lower. A recovery is likely if the Shiba Inu price remains above $0.00002041. FXStreet analysts believe that Shiba Inu price has hit the point of maximum pain. The meme coin price is eyeing the target of $0.000035.

The feeding frenzy caused the dog-themed token to crack the list of top 10 crypto assets by trading volume among Ethereum whales. The data reveals SHIB is the second most widely-held token amongst the whales behind ETH, with an average amount of 513.8 billion tokens worth just over $5.26 million held. Rounding out the top five list of crypto assets ETH whales are flocking to are popular stablecoins Tether (USDT) and USD Coin (USDC), as well as the native token of the Bitpanda crypto exchange, BEST.

Other prominent tokens held by the whales include MXC, which enables Internet of Things tokens to be swapped through a non-fungible token (NFT) marketplaces, FTX Token (FTT), the native asset of the FTX crypto exchange, cross-crypto exchange app SwissBorg (CHSB), and gaming metaverse Decentraland (MANA). SHIB barely edged out USD Coin on the list as USDC has an average amount of $5.24 million held, according to the data. The 880th-ranked ETH whale, known as BlueWhale0073, contributed to the SHIB numbers by recently purchasing a staggering 163.2 billion Shiba Inu worth about $1.57 million.

Shiba Inu is changing hands at $0.00001 at the time of writing, a small dip on the day but a massive 88% decrease from its all-time high of $0.000082 set last October.