February 26, 2024 1:26 AM | 2 min read
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A data analysis firm reveals that an individual or entity, known as a ‘whale,’ has made a large transfer of the self-proclaimed ‘Dogecoin (CRYPTO: DOGE) killer’ Shiba Inu (CRYPTO: SHIB). The transaction involved the movement of 421.6 billion SHIB tokens.
What Happened: According to SpotOnChain, an anonymous whale operating under the identifier ‘0x30e,’ engaged in two sales through different channels on Saturday.
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The whale deposited 311.6 billion SHIB tokens, valued at approximately $2.97 million, into Binance cryptocurrency exchange. The second part of the operation saw the sale of 110 billion SHIB tokens, valuing $1.01 million, carried out on an unnamed decentralized exchange, known as a DEX.
The sale totaled around $3.98 million. It should be noted that this sum represents a loss for the whale, as the original purchase price of these SHIB tokens was reported to be $10.30 million.
After holding SHIB for roughly two and a half years, the selling price suggests the whale incurred a loss of 61.4%, about $6.32 million.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: The impact of this sell-off by the whale appears to have been muted in terms of its effect on SHIB’s price.
SHIB saw little swing in its value following the sale, with only slight fluctuations.
Price Action: Currently trading at $0.000009623 per token, SHIB was up 0.2% in the last 24 hours, according to data from Benzinga Pro.
Image via CryptoFX on Shutterstock
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
“Benzinga’s Top Stocks to Buy Today”
There’s only two mistakes you can make when investing. One is not investing at all. The next is buying the wrong stocks. Get an edge on which stocks to buy with the Benzinga Insider Report, our best weekly stock report sent right to your inbox. Act fast and secure our top stock picks at an unbelievable discount! Claim This Limited $0.99 Offer NOW!
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