Recently, a mysterious Shiba Inu whale has been on a dumping spree, offloading billions of SHIB tokens. In the last five days alone, the anonymous whale has sold 165.37 billion SHIB tokens worth a staggering $2.2 million.
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Breakdown of the Whale’s Transactions and Market Impact
Details of the Whale’s Transaction
The whale withdrew the SHIB tokens in three transactions in the last five days. The first withdrawal occurred five days ago when the whale dumped 32.5 billion SHIB worth $466,250.
The second sell-off was initiated two days ago, and the whale offloaded 35.8 billion tokens worth $480,530. The final dump was the highest and placed early Wednesday, as 97.8 billion tokens worth $1.33 million were sold.
The whale made way with 163.37 billion Shiba Inu tokens worth $2.2 million between August 9 to 14, 2024. You can access the complete details about the whale wallet and his or her holdings on Arkham Intelligence. The self-off was placed on the leading cryptocurrency trading platform Coinbase.
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Pressure on SHIB’s Price
The unknown and mysterious whale offloading billions of SHIB tokens added pressure on SHIB in the indices. The five-day chart shows Shiba Inu dipping to a new day’s low whenever the sell-off was imitated. Whales play an integral part in SHIB and can dictate price movements based on their buys and sells.
Historical Whale Activity
While whale activity in SHIB has reduced considerably, it peaked between 2021 and 2022. Every other day, there was news about a massive buy or a significant sell-off that made its price rise and fall. The whale activities have mostly stabilized since 2023, with only sporadic initiation of buy-and-sell calls.
Current SHIB Trading Status
At press time, Shiba Inu was trading at $0.000013, up nearly 2% in the 24-hours day trade.
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However, SHIB is down close to 84% from its all-time high of $0.00008616, reached in October 2021.
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