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Shiba Inu (SHIB) community witnessed a significant development as a whale-level wallet address starting with 0x30e… executed two large sales, offloading about 421.6 billion SHIB tokens valued at approximately $4 million. The details of these SHIB transactions, carried out by the crypto whale within six hours, have captured the attention of the Shiba Inu community.
Shiba Inu Faces Loss-Making Sale
On-chain data provider Spot On Chain reported that a whale-level wallet address starting with 0x30e… deposited 311.6 billion SHIB tokens, worth $2.97 million, to the major cryptocurrency exchange Binance. Spot On Chain also added that the crypto whale sold 110 billion SHIB tokens on a decentralized exchange (DEX) for 1.01 million Tether (USDT).
These sales by the whale-level wallet address have sparked speculation due to their potential impact on the Shiba Inu market. Notably, the decision to liquidate a significant portion of SHIB holdings came at a time when the altcoin’s price hovered around $0.000059437. However, the large sales resulted in a substantial loss for the crypto whale, representing a 61.4% decrease from their initial SHIB investment 2.5 years ago, amounting to $6.32 million.
The loss-making SHIB sales by the crypto whale highlight the challenges and potential risks faced by large investors in the volatile crypto market. Despite potential gains from SHIB sales, the whale’s decision to sell at a loss suggests a strategic move driven by various factors.
Current Status of SHIB
Despite the whale’s substantial loss-making sales, current data shows that Shiba Inu’s SHIB token has risen by 0.87% in the last 24 hours, trading at $0.000009519. The data also indicates that the altcoin’s trading volume has increased by 10.38% to $154.16 million during the same period.
