As per a recent tweet shared by the @spotonchain analytics platform, it has been reported that within the last 20 hours, a significant whale, previously holding nearly half a trillion Shiba Inu meme coins, has offloaded them at a substantial loss. Concurrently, the second-largest meme-inspired cryptocurrency, Shiba Inu, has approached a crucial threshold where it stands to eliminate the fifth zero in its price, indicating a potential milestone in its valuation.
Mysterious whale deposits 421.6 billion SHIB to Binance
According to a tweet from the aforementioned on-chain data source, a notable whale has recently divested a substantial amount of Shiba Inu (SHIB) tokens. The transaction involved the sale of a total of 421.6 billion SHIB tokens, achieving an average selling price of $0.000009437. This sizable sell-off occurred across two major platforms: 311.6 billion SHIB were offloaded on the Binance exchange, while an additional 110 billion SHIB were transacted through a decentralized exchange (DEX), likely the Binance DEX.
Further insights provided by @spotonchain indicate that this enigmatic whale initially acquired these massive quantities of SHIB tokens on HTX and Binance back in November 2021. Remarkably, prior to this recent sale, the whale had held onto these tokens for nearly 2.5 years, highlighting a prolonged period of accumulation and strategic positioning within the SHIB ecosystem.
In the event of a genuine sale, the analytics platform warns that the whale stands to incur a significant loss amounting to $6.32 million. This substantial financial setback represents a staggering decline of 61.4% in value, underscoring the magnitude of the divestment decision after holding onto the tokens for such a considerable duration.
The implications of this transaction reverberate across the cryptocurrency community, shedding light on the dynamics of whale activity and its impact on market sentiment. As investors speculate on the motives behind this high-volume sell-off, the market braces for potential shifts in SHIB token prices and broader implications for the cryptocurrency landscape.
SHIB price close to removing zero
Today, the popular meme-themed cryptocurrency SHIB has printed a 3% rise, coming really close to the $0.00001 level, where one zero would be burned. On Tuesday, SHIB came even closer to breaking above that threshold as it reached $0.0000993. Since that, until earlier today, the Shiba Inu meme coin was in an almost 6% decline. At the time of writing this article, Shiba Inu is changing hands at $0.00000962 on the Binance exchange.
SHIB burns stage rise
Shibburn transaction tracker spreads the word about a recent increase in the SHIB burn rate. It is marginal, though — 55.12% with a total of 52,059,153 SHIB transferred to unspendable wallets with a zero chance of withdrawal. The largest burn here took place six hours ago, sending 42,058,800 SHIB to a dead-end blockchain address. The second-largest one carried 9,992,557 SHIB. On Friday, the daily increase in SHIB burns comprised a whopping 8,512% with 86.1 million meme coins transacted to the zero SHIB addresses.
