Ethereum whale tracking platform WhaleStats has released a report stating that the largest Ethereum whale has sold 3 trillion Shiba Inu tokens in the last 24 hours. That is, about 3 lakh crore Shiba Inu tokens have been sold simultaneously. Selling a token in such large quantities obviously does not bode well for its market value. Talking about the crypto holdings of Ethereum Whales, earlier Shiba Inu was on the first position in the list of Top 10 Crypto Assets to Hold. Now after such a massive sell-off, the meme cryptocurrency has moved to the fifth position in the list of top 10 holdings of Ethereum whales.
This sale of Shiba Inu by Ethereum whales is so large that while the token used to make up 5.29% of Ethereum whales’ portfolio a day ago, it now only makes up 1.92%. Token burning has been going on in the Shiba Inu for the past few days, due to which its burn rate has increased significantly. Now what will be the effect on the price of the token after the sell-off, it remains to be seen.
Talking about the current price of Shiba Inu, today its trading has started with profit. Shiba Inu price increased by 0.06% today. A day before this also, an increase of 2% was seen in the price of Shiba Inu. The impact of token burning can be seen on its price. At the time of writing this news Shiba Inu in India was trading at Rs.0.001043.
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