Massive 400 Billion SHIB from Early Whale Stuns Major US Exchange

by

As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed countless bull and bear runs, market crashes, and unprecedented rallies. Today’s events surrounding Shiba Inu (SHIB) are reminiscent of the wild west days of Bitcoin’s early years, but with a dash of humor thrown in for good measure.

As per data from the Spotonchain account X’s analytics, an impressive quantity of Shiba Inu meme coins was offloaded earlier today.

In simple terms, after the Federal Reserve’s statement and disappointments among crypto investors, the second most popular meme cryptocurrency, SHIB, has dropped about 10% in price, likely due to Bitcoin’s recent downward trend.

Early whale moves 400 billion SHIB to Gemini

As a researcher delving into the fascinating world of cryptocurrencies, I recently uncovered an intriguing piece of information: A pioneering investor in Shiba Inu, who amassed a staggering profit of approximately $108 million from their SHIB holdings, has once again made a significant move. This savvy investor transferred an astonishing 399.99 billion units of this popular meme coin to the prominent US-based cryptocurrency exchange, Gemini. If sold, this quantity of SHIB would net the whale around $10 million. A fascinating dance in the ever-evolving crypto market!

On August 7, 2020, it’s known that the whale made a stunning acquisition of Shiba Inu (SHIB) tokens, to the tune of 15.2 trillion units, in exchange for only 10 Ether.

This early $SHIB whale with a $108M profit just further deposited 399.99B $SHIB ($9.69M) to #Gemini in the past hour.

Notably, on Aug 7, 2020, this whale bought 15.2T $SHIB for just 10 $ETH.

Now, the whale still holds 2T $SHIB ($48.54M) with an estimated total profit of $107.7M…

— Spot On Chain (@spotonchain) December 19, 2024

Four years ago, this early investor put some money into Shiba Inu, and now, it’s worth approximately 2 trillion Shiba Inu, equivalent to $48.54 million. This represents an estimated total profit of a staggering $107.7 million. That’s a return on his initial investment that’s nearly 3.7 times the amount he originally invested in SHIB.

Whales selling SHIB as price plummets

As a researcher, I’ve just come across another interesting report indicating a trend among SHIB whales. It appears they are offloading significant portions, if not all, of their meme coin holdings. This action seems to be contributing to the approximately 10% drop in SHIB price over the last 24 hours that I’ve observed in my analysis.

Initially, SHIB dropped from $0.00002618 to $0.00002345. However, part of that steep drop has since been reversed, with SHIB experiencing a modest increase of 2.64%.

For the last ten days, the well-known meme cryptocurrency has dropped by over 21%, falling from $0.00003076 to its current price of $0.00002409, which is the price at which it’s being traded as this article is being written.

Additional evidence indicates that whales are transferring their Shiba Inu (SHIB) tokens to exchanges, which is contributing to a decrease in its value. The price of SHIB appears to be reflecting the recent bearish trend in Bitcoin‘s (BTC) market, as it dropped by approximately 5%, momentarily falling below the $100,000 mark.

After the Federal Reserve revealed that they would lower interest rates by 0.25% instead of 1%, in the year 2025, the crypto market endured a significant decline. However, Bitcoin, the largest cryptocurrency, has since made a slight recovery and is currently trading above $101,000, nearing the $102,000 mark again.

Read More

2024-12-19 12:29