.SHIBburn rate surges 135% as millions of $SHIB got burned, but the price is still down 10%
Whales grab 10.25 trillion Shiba Inu, price still crashes
Over the weekend, the meme coin experienced a major price drop of over 10% by now. On Saturday, May 6, SHIB lost the $0.00000999 level and has now fallen to $0.00000893. This massive price fall of the second most popular meme coin's price may be attributed to the fall of the flagship crypto, Bitcoin, which also occurred over the weekend. BTC has lost 5.64% since then, falling from $29,664 and currently trading at $27.990.
Aside from that, over the weekend, more than $120 million in liquidations were observed on the market as investors were cashing out their profits made last week on meme coins — PEPE in particular. Vitalik Buterin and the Ethereum Foundation also sold 15,200 ETH worth around $30 million. This led many traders to believe that ETH may be in a for a large price drop. Over the past 24 hours, Ethereum slumped by 3%, now exchanging hands at $1,848.
In the meantime, whales accumulated nearly 10.3 trillion Shiba Inu in the last week, according to a report provided by the IntoTheBlock on-chain data aggregator. This massive purchase, though, failed to support the big price drop of the popular meme coin.
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