Trillions of SHIB Dumped by Whales Over Past 48 hours

Meme cryptocurrency Shiba Inu [SHIB] has gained significant attention and popularity in recent years. The project has also made progress in terms of its utilities, although its price performance has been less favorable.

Meme coins have been gaining traction despite the increasing adoption of other cryptocurrencies. SHIB stands out among the popular meme coins due to its notable development efforts. However, its price performance has not been in the best shape.

Also read: Binance Makes Major Changes to its Terms of Service

With the price trading in the $0.000006586 range now, there has been increased whale activity in the last 24 hours. Recent data from IntoTheBlock shows that there has been a spike in Shiba Inu whale activity in the last 24 hours.

Shiba Inu whale holdings drop considerably

According to the data, the SHIB holdings of these whales have dropped by almost 3 trillion since Friday. The whales held 661.44 trillion tokens as of Friday. However, the holdings have dropped to 658.48 trillion SHIB.

Also read: Shiba Inu (SHIB) Weekly Burn Update: Drops from Billions to Millions

These large SHIB holders are mostly exchange wallets, including Binance. The potential dump occurred at a time when the price of SHIB was not in its best shape. CoinMarketCap data shows that Shiba Inu is trading at $0.000006578 at press time. The second-largest meme coin is down by 23.53% in the last seven days.