SpotOnChain, an on-chain data platform, reported a mass transfer of 421.6 billion SHIB tokens by a crypto whale identified as “0x30e.”
Indeed, the deal, which occurred amidst significant market resistance, piqued SHIBArmy's interest.
Crypto Whale sells 421.6 billion SHIB
The whale reportedly sold 421.6 billion SHIB tokens at $0.000009,437 each for a total of $3.98 million. The trade, executed on February 24, was initiated on Binance, the largest crypto exchange and private decentralized exchange (DEX) by trading volume.
Specifically, this whale deposited 311.6 billion SHIB tokens worth $2.97 million on Binance and sold the remaining 110 billion SHIB (worth about $1.01 million) on a DEX.
Data shows that the crypto whale first acquired the SHIB token for $10.3 million when Shiba Inu’s market value was $0.00002443.
However, after holding for 2.5 years, the current selling price is $0.000009437, resulting in a significant loss of approximately 61.4% (estimated at $6.32 million). Additionally, this address sold an additional 80 billion SHIB tokens worth $724,540 on the same day.
How much does a Shiba Inu cost?
Despite significant trading, SHIB's price performance remains modest. Over the past day, the token has experienced minimal movements of around 0.1%, reaching its current trading price of $0.000009623. However, this move reflects a decline of approximately 1.53% over the past seven days.
According to cryptocurrency analysts King Thies, SHIB price is trying to reach $0.00001 but faces resistance at $0.0000098. As a result, prices have remained relatively stagnant around these levels for over a week.
Read more: Shiba Inu (SHIB) Price Prediction 2024 / 2025 / 2030
Interestingly, SHIB's moderate price performance comes amid significant growth in the Shiba Inu ecosystem. Recently, the digital asset quickly sold out in two phases of the Sheboshi NFT collection immediately after its launch. Key influencers within its ecosystem have hinted that this is in line with broader innovative advances transforming meme coins into blockchains with utility.
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