Recently, a mysterious Shiba Inu whale has been on a dumping spree, selling off billions of SHIB tokens. In the last five days alone, the anonymous whale has sold 165.37 billion SHIB tokens, worth a whopping $2.2 million.
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Overview of the whale's transactions and their impact on the market
Details of the whale transaction
The whale has withdrawn the SHIB tokens in three transactions over the past five days. The first withdrawal occurred five days ago when the whale dumped 32.5 billion SHIB worth $466,250.
The second sell-off started two days ago and the whale sold 35.8 billion tokens worth $480,530. The latest dump was the highest and was posted on Wednesday morning, when 97.8 billion tokens worth $1.33 million were sold.
The whale made it from August 9 to 14, 2024 with 163.37 billion Shiba Inu tokens worth $2.2 million. You can check out the full details about the whale wallet and his or her holdings at Arkham IntelligenceThe self-off was posted on leading cryptocurrency trading platform Coinbase.
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Press the price of SHIB
The unknown and mysterious whale that shed billions of SHIB tokens added pressure to SHIB in the indices. The five-day chart shows Shiba Inu dropping to a new daily low as the sell-off is mimicked. Whales play an integral role in SHIB and can determine price movements based on their buying and selling behavior.
Historic whale activity
Although whale activity in SHIB has slowed down significantly, it peaked between 2021 and 2022. Every other day there was news of a huge buy or a significant sell-off that drove the price up and down. Whale activity has largely stabilized since 2023, with only sporadic initiations of buy and sell calls.
Current SHIB Trading Status
At the time of writing, Shiba Inu was trading at $0.000013, up almost 2% in 24-hour day trading.
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However, SHIB is down almost 84% from its all-time high of $0.00008616, reached in October 2021.