Shiba Inu (SHIB) price tumbled over 3% in the last 24 hours, with the current price trading at $0.000008894. On-chain data indicates a big whale dumped over 210 billion SHIB tokens, causing the price to fall over 3% in the last 24 hours. The whale has a history of dumping Shiba Inu tokens that it purchased in 2020.
Shiba Inu Whale Transfers 210 SHIB Tokens
On-chain analysis platform Lookonchain in a tweet on December 15 shared that a Shiba Inu whale has transferred 207.2 billion tokens worth $1.9 million to crypto exchange Binance on December 14 at 01:54 PM UTC. The whale has also sold nearly 4 billion SHIB tokens in the last 7 days, making the total SHIB selloff in December to over 210 billion.
In the next few hours, the SHIB price fell 3% after his transfer. The selloff caused the SHIB price to fall another 3% as a result of breaking the support level. Thus, the whale caused the Shiba Inu price to fall over 6% even before the Fed rate hike decision.
The whale bought 3.49 trillion Shiba Inu (SHIB) tokens for 2.37 ETH, worth $2,233 at that time, via Uniswap in 2020. He did this by spending almost 1.83 ETH to buy 2.27 trillion SHIB tokens and 1.22 trillion SHIB via address “0x5952” and address “0x92f2”, with a cost of nearly 0.54 ETH. The Ethereum price was almost $266 at that time.
The last time the whale ever purchased SHIB was on February 9, 2021. Since then, the whale has only sold SHIB for making profits.
After Shiba Inu gathered massive rallies in 2021, the whale began to sell his SHIB holdings. As per Lookonchain, the whale has sold a total of 2.94 trillion SHIB tokens since April 13, 2021.
If the whale sells his SHIB holdings at the current price, he will make almost 18.3 million. The wallet address shows that the whale still holds over 546 billion SHIB tokens worth $4.86 million.
Shiba Inu traders should keep an eye on selloffs by this whale in the future to predict a drop in SHIB price. Currently, the SHIB price trades at $0.00000888, down over 3% in the last 24 hours.
The post Shiba Inu Coin: Whale Dumps 210 Billion SHIB To Binance, Price Tumbles appeared first on CoinGape.