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

2 mins
Updated by Bary Rahma
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In Brief

  • A significant transfer of 421.6 billion SHIB tokens by the crypto whale '0x30e' has garnered attention within the community.
  • The transaction, valued at $3.98 million, reveals the crypto whale's substantial loss of approximately 61.4% over 2.5 years.
  • Despite this, SHIB's price remains relatively stable, hovering around $0.0000096, amid notable growth in its ecosystem.
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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.

Shiba Inu SHIB
Shiba Inu Whale Transaction. Source: SpotOnChain

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.

Read more: Shiba Inu (SHIB) Price Prediction 2024 / 2025 / 2030

Shiba Inu (SHIB) Price Performance
Shiba Inu (SHIB) Price Performance. Source: TradingView

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.

Top crypto projects in the US | April 2024

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Oluwapelumi Adejumo
Oluwapelumi believes Bitcoin and blockchain technology have the potential to change the world for the better. He is an avid reader and began writing about crypto in 2020.
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