Whale Sells Over 421 Billion Shiba Inu Tokens, What the Impact on SHIB Price?

Recent transactions involving a whale investor selling a large number of Shiba Inu (SHIB) tokens have captured the attention of the crypto community, particularly those closely following the SHIBArmy.

This occurrence is particularly noteworthy as it unfolds amidst notable market resilience, highlighting the volatile nature of the crypto market and significant interest in meme coins like SHIB.

Whale Sells Hundreds of Billions of Shiba Inu Tokens

BeinCrypto reports that one whale investor has sold approximately 421.6 billion SHIB tokens at a price of $0.000009437, reaching a total value of nearly $3.98 million.

This massive sale occurred on Saturday (2/24/2024), with the whale conducting transactions across two platforms, namely Binance and an undisclosed DEX.

The breakdown of the sale saw 311.6 billion SHIB tokens, valued at $2.97 million, deposited into Binance, while the remaining 110 billion SHIB, worth around $1.01 million, were sold on the DEX.

The background of this transaction reveals that the whale initially acquired these SHIB tokens with an amount of $10.30 million when the Shiba Inu market value was at $0.00002443.

However, after holding onto the tokens for 2.5 years, the whale decided to liquidate them at a price of $0.000009437. This move resulted in a significant loss of approximately 61.4 percent, estimated at around $6.32 million.

Furthermore, on the same day, the whale also sold an additional 80 billion SHIB tokens worth $724,540, adding to the significant activity from this entity in the market.

Despite this massive sell-off, the performance of the SHIB price immediately afterward was relatively mild. Over the past day, the token experienced minimal movement, around 0.1 percent, settling at a trading price of $0.000009623.

This indicates a decrease of about 1.53 percent over the past week, signaling a relatively stable market reaction to the whale's massive sell-off.

Crypto analyst King Thies noted that the SHIB price is attempting to break the $0.00001 mark but faces resistance at the $0.0000098 level.

This indicates a challenging market environment for SHIB, with potential for further breakthroughs or consolidation depending on broader market dynamics and investor sentiment.

Interestingly, this event occurs at a time when the Shiba Inu ecosystem is experiencing significant growth and development. The rapid sale of their two-phase Sheboshi NFT collection shortly after its launch highlights the vibrant community engagement and interest in the expanding SHIB ecosystem.

This enthusiasm is further bolstered by indications from key influencers within the ecosystem about upcoming innovative developments. These developments promise to transform SHIB from just a meme coin to a blockchain with practical utility, potentially expanding its appeal and applications.