Crypto Whale Sells 421.6 Billion Shiba Inu (SHIB): Price Impact

8 months ago 5

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SpotOnChain, an on-chain data platform, reported a significant transfer of 421.6 billion SHIB tokens by a crypto whale identified as ‘0x30e.’

Indeed, the transaction, occurring amidst notable market resistance, has stirred interest among the SHIBArmy.

Crypto Whale Sells 421.6 Billion SHIB

The whale reportedly sold 421.6 billion SHIB tokens at $0.000009437 each, totaling $3.98 million. The transaction, executed on February 24, was initiated on Binance, the largest crypto exchange by trading volume, and an undisclosed Decentralized Exchange (DEX).

The whale notably deposited 311.6 billion SHIB tokens valued at $2.97 million into Binance, while it sold the remaining 110 billion SHIB, worth around $1.01 million, on a DEX.

The data indicates that the crypto whale initially acquired the SHIB tokens for $10.30 million when Shiba Inu’s market value was $0.00002443.

However, after holding for 2.5 years, the current selling price stands at $0.000009437, resulting in a substantial loss of approximately 61.4%, estimated at $6.32 million. Additionally, the address sold an additional 80 billion SHIB tokens valued at $724,540 on the same day.

What’s Next For Shiba Inu’s Price?

Despite the significant transaction, SHIB’s price performance has seen only mild activity. Over the past day, the token has experienced a minimal movement of about 0.1%, reaching its present trading price of $0.000009623. However, this movement reflects a decline of approximately 1.53% over the last seven days.

According to crypto analyst King Thies, SHIB’s price is attempting to reach $0.00001 but faces resistance at the $0.0000098 mark. As a result, the price has remained relatively stagnant around this level for more than a week.

Interestingly, SHIB’s mild price performance occurs amidst significant growth in the Shiba Inu ecosystem. Recently, the digital asset rapidly sold out of two phases of its Sheboshi NFT collections shortly after its launch. A major influencer within its ecosystem hinted that this aligns with the broader innovative advancements that would transform it from a meme coin into a blockchain with practical utility.