Whale Sells 421.6 Billion SHIB Tokens
An on-chain data platform, SpotOnChain, reported a major transfer of a total of 421.6 billion Shiba Inu tokens, which was made by a crypto whale.
The transaction caught the eye of the community because it occurred during a time of notable market resistance. Therefore, the SHIBArmy was very much interested in the details.
The transaction
The details show that the 421.6 billion Shiba Inu tokens that were sold by the crypto whale were valued at $3.98 million, with each token priced at $0.000009437.
On February 24th, the transaction in question was executed on the Binance crypto exchange, which is the largest crypto exchange in terms of trading volume.
Part of the transaction was also carried out on an undisclosed Decentralized Exchange (DEX). The whale had deposited 311.6 billion Shiba Inu tokens into Binance, which were valued at $2.97 million.
Meanwhile, the remaining 110 billion Shiba Inu tokens were sold on a DEX, which was valued at $1.01 million.
The data further showed that the crypto whale had initially purchased the Shiba Inu tokens for a total price of $10.30 million when the market value of the SHIB token had stood at $0.00002443.
The details
But, the whale had held the SHIB tokens for a period of two and a half years. The current selling price of the second-largest meme token in the market stood at $0.000009437.
This resulted in an approximate loss of 61.4% for the whale, which was around $6.32 million. Furthermore, on the same day, more SHIB tokens were sold by the same address.
Details showed that around 80 billion Shiba Inu tokens were sold and they had a value of $724,540. Such large transactions are usually considered important because they can drive price movements.
The price
Despite the major transaction, there was only mild activity recorded in the price performance of the Shiba Inu token.
In the past day, there has been a minimal movement in the price of the dog-themed token of around 0.1%, which reached its present trading price of $0.00009623.
However, this movement was a decline of almost 1.53% in the last seven days. according to market analysts, the price of the Shiba Inu token has been trying to reach the milestone of $0.00001.
But, despite several attempts, it has not been able to do so and has faced resistance at the $0.0000098 mark.
Therefore, the price has remained mostly stagnant close to this level for over a week.
Interestingly, the mild price performance of the SHIB token comes at a time when there is considerable growth in the Shiba Inu ecosystem.
Recently, the meme token saw two phases of its Sheboshi NFT collection sell out shortly after its launch.
A major influencer in its ecosystem hinted that this was in line with the broader advancements that would help it transition from a mere meme coin to a blockchain that offers practical utility.
