Eth Whales Chill Out on Shib?

Author: Spaceshib

Shiba Inu makes headlines again, as the top Eth whales get rid of 2.3 trillion Shib in less than a week. Pump and dump, ladies and gentlemen, has never rang more true than now.

Not even alien cranial probing could determine what’s going on inside an average crypto whale’s head. Two things, however, remain clear: (1) one does not become a crypto whale by doing asinine sh*t that will end up with you going broke and (2) pump and dump remains the best method for whales to grow fatter and richer.

Both explain the recent dump of 1.2 trillion Shib tokens, worth $13 million at the time, and which, until recently, were cozily chilling inside the top 100 Etherium whales’ portfolios, as reported by Whale Stats, the website that keeps tabs on the activities of the illusive whales. Naturally, the dump "coincided" with a %7 dip in the token’s value that happened shortly after the whales offloaded some of their SHIB. Well, whaddya know!

By the way, that’s hardly their first major dump. Roughly 1.1 trillion SHIB was flushed out earlier on September 17th, as reported by U.Today.

Despite what may look like the whales losing faith in Shib and cashing out, it couldn’t be further from the truth. At press time, Shib remains in the top five crypto assets held by the top 100 Eth whales, contributing around 4.11% of their total portfolio.

So what the heck was that all about?

Three theories: (1) although highly unlikely, maybe some of the whales were overdue on rent payment and had to sell some of their Shib in exchange for plain hard cash, (2) it was the good old “pump it, dump it” or (3) the smart whales saw a dip coming indicated by a massive red candle on the hourly chart prior to their sell and were just in time to secure their profits.

Although, like we said earlier, not even alien cranial probing...