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Whale Sells 210 Billion SHIB to Binance, SHIB Price Drops

  • The Shiba Inu whale dumps 210 billion SHIB tokens before the Fed rate hike, triggering a 6% price decline.

  • On December 14, a Shiba Inu whale sent Binance 207.2 billion tokens worth $1.9 million.

16-Dec-2022 By: Divya Behl
Whale Sells 210 Bill

Prior to the Fed rate hike decision, the Shiba Inu whale dumps 210

Billion SHIB tokens, causing the price to drop by about 6%.

The price of Shiba Inu (SHIB), which is currently trading at $0.00000882, has dropped more than 1.5% over the past 24 hours. According to on-chain data, a large whale sold over 210 billion SHIB tokens, down the price down by more than 3% during the previous day. The whale has a habit of selling its 2020-purchased Shiba Inu tokens for a loss.

Transfer of 210 SHIB Tokens by the Shiba Inu Whale

A Shiba Inu whale deposited 207.2 billion tokens worth $1.9 million to cryptocurrency exchange Binance on December 14, according to a tweet from on-chain analysis tool Lookonchain on December 15. In the past week, the whale has also sold approximately 4 billion SHIB tokens, bringing the total number of SHIB tokens sold in December to over 210 billion.

After his transfer, the price of SHIB dropped by 1.5% during the following few hours. The selloff resulted in the SHIB price shattering the support level and falling further. Thus, even before the Fed decided to raise interest rates, the whale caused the price of Shiba Inus to drop by over 6%.

In 2020, the whale used Uniswap to purchase 3.49 trillion Shiba Inu (SHIB) tokens for 2.37 ETH. He accomplished this by purchasing 2.27 trillion SHIB tokens for roughly 1.83 ETH and 1.22 trillion SHIB via addresses "0x5952" and "0x92f2" for a total of almost 0.54 ETH. At that time, the price of Ethereum was close to $1,270.

On February 9, 2021, the whale made its last purchase of SHIB. The whale has only sold SHIB since then in order to make money.

The whale started selling his SHIB assets in 2021 after Shiba Inu had significant rallies. Since April 13, 2021, the whale has sold a total of 2.94 trillion SHIB tokens, according to Lookonchain.

The whale will profit approximately 18.3 million dollars if he sells his SHIB shares at the present price. The whale still has more over 546 billion SHIB tokens, valued at $4.86 million, according to the wallet address.

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