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According to a recently published tweet by the @spotonchain analytics platform, over the past 20 hours, a whale that had held almost half a trillion Shiba Inu meme coins has sold them at a massive loss.
In the meantime, the second largest meme-inspired cryptocurrency Shiba Inu has closely approached the level where it can burn the fifth zero in its price.
Mysterious whale deposits 421.6 billion $SHIB to Binance
The tweet from the above-mentioned on-chain data source states that the whale has sold a total of 421.6 billion at an average price of $0.000009437. The sale took place both on Binance and DEX (most likely, the Binance DEX in this context) — 311.6 billion Shiba Inu were sold on the Binance exchange and 110 billion $SHIB were disposed of through the DEX.
Additional data provided by @spotonchain beyond the tweet shows that this mysterious whale purchased these hundreds of billions of $SHIB on HTX and Binance in November 2021. Prior to the current sale, the whale had held them for almost 2.5 years.
Whale 0x30e allegedly sold 421.6B $SHIB ($3.98M) at ~$0.0₅9437 in the past 6 hours, including:
— Spot On Chain (@spotonchain) February 24, 2024
• deposited 311.6B $SHIB ($2.97M) to #Binance
• sold 110B $SHIB for 1.01M $USDT on DEX.
Truly selling now would cause the whale to lose $6.32M (-61.4%) after 2.5 years of holding!… pic.twitter.com/CGfN7CL42g
In case of a true sale, the analytics platform says, the whale will suffer a massive loss of $6.32 million.
$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.