U.Today – According to analytics X account @Spotonchain, earlier today, two staggering amounts of meme coins were sold.
This has happened as the second most popular in the market meme cryptocurrency, SHIB, has demonstrated a roughly 10% price decline as it reacted to Bitcoin’s recent bearish trajectory caused by the Fed Reserve’s statement and the unfulfilled expectations of crypto holders.
Early whale moves 400 billion SHIB to Gemini
The aforementioned source of on-chain data reported that an early holder of Shiba Inu who had earned a whopping $108 million profit on SHIB had made another large deposit, moving an impressive 399.99 billion of this meme coin to the major U.S.-headquartered crypto exchange Gemini. That amount of SHIB, if sold, would bring the whale slightly under $10 million.
That whale purchased a jaw-dropping amount of SHIB on Aug. 7, 2020 – 15.2 trillion – for just 10 ETH.
This early whale now owns two trillion Shiba Inu worth $48.54 million, which constitutes an estimated overall profit of $107.7 million – that is, a 3.7x return from their initial SHIB investment made four years ago.
Whales selling SHIB as price plummets
Another analytics report was published to show that SHIB whales seem to be liquidating all or at least large part of their meme coin holdings as the SHIB price has demonstrated a roughly 10% decline over the past 24 hours.
SHIB went from $0.00002618 down to the $0.00002345 level. By now, this deep decline has been partially recovered as SHIB has increased by a minor 2.64%.
Over the past 10 days, the popular meme cryptocurrency has lost more than 21%, plunging from $0.00003076 to $0.00002409, where it is changing hands at writing time.
Other sources also show that whales have been sending their SHIB coins to exchanges, pushing the price down. The SHIB price mirrors the recent bearish move in the price, as BTC dropped by approximately 5%, briefly crashing below the $100,000 level.
Following the recent announcement that the Federal Reserve will cut interest rates by 25 basis points rather than 100 in 2025, the crypto market took a severe beating. By now, the largest cryptocurrency, BTC, has recovered a little, again trading above $101,000 and coming close to topping $102,000.
