KEY POINTS
- The crypto whale sold 421.6 billion SHIB within a period of 6 hours Saturday
- The sale has reportedly resulted in over $6 million in losses to the crypto whale
- SHIB's Saturday price was not largely affected by the huge sale
A crypto whale, described within the cryptocurrency circle as an individual or entity that holds a massive amount of crypto, adequate enough to have an impact on the crypto market, has reportedly sold nearly $4 million worth of Shiba Inu (SHIB) tokens.
The news was first reported by on-chain data analysis platform Spot On Chain on X (formerly Twitter). The crypto whale, identified as "0x30e," reportedly sold 421.6 billion SHIB in a period of around six hours on Saturday. In particular, 311.6 billion SHIB worth $2.97 million were deposited to Binance, while the remaining $110 billion Shiba Inu tokens were sold on a decentralized exchange (DEX) for approximately $1.01 million.
Whale 0x30e allegedly sold 421.6B $SHIB ($3.98M) at ~$0.0₅9437 in the past 6 hours, including:
— Spot On Chain (@spotonchain) February 24, 2024
• deposited 311.6B $SHIB ($2.97M) to #Binance
• sold 110B $SHIB for 1.01M $USDT on DEX.
Truly selling now would cause the whale to lose $6.32M (-61.4%) after 2.5 years of holding!… pic.twitter.com/CGfN7CL42g
"Truly selling now would cause the whale to lose $6.32M (-61.4%) after 2.5 years of holding!" Spot On Chain noted. The data suggests that 0x30e initially acquired the tokens when they were valued at $0.00002443 each for $10.40 million. The SHIB were reportedly sold at $0.0₅9437 each.
The data further showed that later in the day, the crypto whale sold another 80 billion SHIB valued at $724,540.
Despite the massive sale, the $SHIB's price has not seen significant activity, as the token only experienced movement of about 0.1% Saturday, as per Be In Crypto.
Furthermore, AMB Crypto's analysis of the token's daily timeframe chart noted that SHIB "displayed an upward trend on" Saturday. The token saw a 1.15% increase at the end of the day's trading session.
Two days before the sell-off, IntoTheBlock data indicated that transactions involving the dog-themed token surged by 454.16% Thursday, reaching $112.96 million. There were 34 large transactions on the said day, marking the highest large transaction volume in the last seven days. The transactions indicated that there was a SHIB whale activity.
Meanwhile, SHIB continues to drive interest in the cryptocurrency market as it was hailed as last year's second-most traded crypto asset on India-based crypto exchange WazirX. The designation means SHIB outperformed some of the major cryptocurrencies, including Ripple (XRP) and Ether (ETH) on the exchange.
The said milestone came amid a host of projects within the Shiba ecosystem, including the launch of the now-leading layer-2 scalability solution Shibarium.
WazirX's report noted that in 2023, SHIB and Bitcoin (BTC) were the leading crypto assets by volume on the platform.
