In a notable development within the cryptocurrency community, a large investor known as a “whale” sold a colossal amount of Shiba Inu (SHIB) tokens in two separate transactions, totaling nearly 421.6 billion tokens which equate to around $4 million. The Shiba Inu community is actively discussing the impact of this whale’s move, which took place within a short six-hour window.
Whale Dumps SHIB Holdings on Exchanges
The whale transferred 311.6 billion SHIB, valued at $2.97 million, to the prominent crypto exchange Binance, and separately exchanged 110 billion SHIB for $1.01 million in Tether (USDT) on a decentralized exchange. This information was disseminated by Spot On Chain, a provider of on-chain data.
The significant disposal of SHIB tokens has led to intense discussion regarding its potential influence on the Shiba Inu’s token value. The sales resulted in a significant financial loss for the whale, given that the price of SHIB was approximately $0.000059437 at the time of the transaction, and the initial investment had diminished by 61.4% from its value 2.5 years prior, which stood at $6.32 million.
These transactions underscore the perils that large-scale investors may encounter in the crypto market’s unpredictable landscape. The whale’s decision to sell at a loss suggests that the move was calculated and possibly influenced by a mix of factors beyond immediate profit.
SHIB’s Market Performance Despite Whale Activity
Despite the whale’s loss, SHIB has shown resilience in the market, with a 0.87% increase in token price over the past 24 hours, trading at $0.000009519. Additionally, Shiba Inu’s trading volume has gone up by 10.38%, reaching $154.16 million in the same timeframe.