Recent reports from analytics platform @Spotonchain revealed that two huge Shiba Inu (SHIB) transactions were carried out earlier today. This comes as the price of SHIB, the second-largest meme cryptocurrency by market capitalization, has seen a 10% decline. The drop in SHIB’s price follows a recent bearish trend in Bitcoin caused by statements from the Federal Reserve and the resulting disappointment among cryptocurrency holders.
400 Billion SHIB Moved to Gemini by Early Whale
On-chain data indicates that a significant SHIB holder, who has made a considerable profit on their SHIB investment, moved 399.99 billion SHIB to the US-based exchange Gemini. This large sum of SHIB would be worth just under $10 million if liquidated. The whale originally acquired the massive amount of SHIB on August 7, 2020, purchasing 15.2 trillion SHIB for only 10 ETH.
Related Article: Shiba Inu Whale Sells 250 Billion SHIB Worth $6.05 Million
Currently, this early investor holds 2 trillion SHIB, valued at approximately $48.54 million. This results in a total profit of around $107.7 million, reflecting a 3.7x return on the original SHIB investment four years ago.
Whales Liquidating SHIB as Price Declines
Further analysis shows that SHIB whales have been moving large portions, if not all, of their SHIB holdings to exchanges as the price of SHIB has dipped. The coin’s price fell by about 10% in the last 24 hours, dropping from $0.00002618 to $0.00002345. However, a slight recovery has been observed, with SHIB gaining 2.64% in value. Over the last ten days, SHIB has experienced a loss of over 21%, plummeting from $0.00003076 to its current value of $0.00002409.
Additional sources also point to the movement of SHIB to exchanges by whales, which has likely contributed to the recent price decrease. This decline in SHIB’s value reflects broader market trends, especially following Bitcoin’s decline of about 5%, briefly dipping below $100,000. The cryptocurrency market faced significant downturns after the Federal Reserve’s decision to lower interest rates by 25 basis points instead of the anticipated 100 basis points in 2025. Despite this, Bitcoin has partially recovered, now trading above $101,000 and nearing the $102,000 mark.
