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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.