Shiba Inu (SHIB) price rally backed by the Shibarium update and Ethereum (ETH) whales buying saw a decline on Thursday. World’s second largest meme crypto’s price dropped by over 9% in the last 24 hours. Just after the massive SHIB price pump, the whale tracker reported a big whale transaction which could be a probable reason behind the recent price drop.

This might be reason behind Shiba Inu price drop

As per the data revealed by WhaleAlert, whale addresses moved more than 443 billion Shiba Inu Coin (approx worth $5.1 million.) in a single transaction. The reported transaction saw the deposition of SHIB token on the OKEx crypto exchange.

Since then Shiba Inu’s price a straight decline over the past day. Data obtained from the Coinglass depicts that around $3.55 million worth of 318.3 billion Shiba Inu Coin has been liquidated from the crypto market in the last 24 hours.

However, the total crypto market liquidation has breached $239 million in the past 24 hours. Over 56,725 traders have liquidated their funds from the market. While the single largest liquidation order recorded has been of $3.23 million.

ETH whales dumping SHIB?

As we dig in, it seems like Ethereum whales are also dumping their Shiba Inu Coin holdings. Coingape reported that the top 100 ETH whales were holding around $616 million worth of SHIB holdings on Wednesday.

The total holding as of now has dropped to stand at around $598.7 million. Shiba Inu landed on the list of top 10 tokens sold by the largest ETH whales. However, the SHIB is still the largest token held by the ETH whales.

Despite the recent price drop Shiba Inu Coin price is still up by 24% in the last 7 days. SHIB is trading at an average price of $0.000011, at the press time. Its 24 hour trading volume stands at around $846 million.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.