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Data picked up on Etherscan shows that 13 hours ago, an anonymous address transferred a mind-blowing amount of Shiba Inu meme tokens totaling nearly three trillion SHIB.
This sum in meme coins is evaluated at nearly $29 million. This whale sold 2.8 trillion SHIB after he had been holding it for slightly more than two months.
2.8 trillion SHIB dumped on market
A total of 2,871,107,075,474 Shiba Inu worth $28,682,359 was moved from one anonymous wallet to another, which indicates either a shift to a different address of the same holder or a sale.
Details of the sender's wallet made available by Etherscan demonstrate that this amount of meme crypto was purchased 64 days ago and held over the past two months until this recent sale.
A possible reason for this might be the recent price action of the second largest meme coin by market capitalization value, which recently dropped one spot below 14th place on the CoinMarketCap scale, pushed down by Tron (TRX).
SHIB's bearish market performance
Over the past three days, Shiba Inu has been dropping heavily, losing 9.40%. By now, it price has added another zero, trading at $0.00000972 after falling from the $0.00001072 level on Oct. 10.
The meme token's market capitalization has swung below $6 billion, now sitting at $5,332,065,530.
According to Bloomberg analyst and podcaster Joe Weisenthal, this downturn of the coin's price indicates that crypto is in a "brutal bear market."
The top 100 whales on Ethereum at the moment are holding $122,746,421 in Shiba Inu equivalent, which comprises 4.97% of their portfolios, per data provided by WhaleStats.
On Wednesday, this sum was a little bigger — $126,805,312. Therefore, by now the whales have dumped another $4 million worth of this meme token, which is 411,522,633,744 coins.
Prior to that, they had sold 628 billion SHIB worth $7 million within several days.