SpotOnChain, an on-chain data platform, reported a large transfer of 421.6 billion SHIB tokens by a crypto-whale identified as “0x30e.”
In fact, the deal, which occurred amidst notable market resistance, sparked interest among SHIBArmy members.
Crypto whale sells 421.6 billion SHIB
The whale reportedly sold 421.6 billion SHIB tokens at $0.000009437 each, for a total of $3.98 million. The trade, which took place on February 24, was launched on Binance, the largest cryptocurrency exchange by trading volume, and an undisclosed decentralized exchange (DEX).
The whale privately deposited 311.6 billion SHIB tokens worth $2.97 million on Binance, while selling the remaining 110 billion SHIB, worth about $1.01 million, on the DEX.
Data shows that the cryptocurrency whale initially acquired SHIB tokens for $10.30 million when the market cap of the Shiba Inu was $0.00002443.
However, after holding it for two and a half years, the current selling price is US$0.000009437, resulting in a significant loss of around 61.4%, estimated at US$6.32 million. Additionally, the address sold an additional 80 billion SHIB tokens worth $724,540 on the same day.
What's next for Shiba Inu price?
Despite this significant transaction, SHIB's price performance saw only moderate activity. Over the past day, the token has seen a slight movement of around 0.1%, reaching the current trading price of $0.000009623. However, this movement reflects a decline of approximately 1.53% over the past seven days.
According to the cryptoanalyst king Theis, SHIB price is trying to reach $0.00001 but is facing resistance at $0.0000098 level. As a result, the price has remained relatively stagnant around this level for more than a week.
Read more: Shiba Inu (SHIB) Price Forecast 2024/2025/2030
Interestingly, SHIB's moderate price performance is occurring amid significant growth in the Shiba Inu ecosystem. Recently, the digital assets quickly sold out from two batches of Shiboshi NFTs shortly after their launch. A key influencer in its ecosystem has hinted that this is in line with broader innovative developments that would transform it from a meme coin into a blockchain of practical utility.
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