u.today
According to the analytics X account @Spotonchain, earlier today, two staggering amounts of Shiba Inu meme coins were sold.
This has happened as the second most popular in the market meme cryptocurrency $SHIB has demonstrated a roughly 10% price decline as it reacted to Bitcoin’s recent bearish trajectory caused by the Fed Reserve’s statement and broken expectations of crypto holders.
Early whale moves 400 billion $SHIB to Gemini
The aforementioned source of on-chain data reported that an early holder of Shiba Inu who had earned a whopping $108 million profit on $SHIB had made another large deposit, moving an impressive 399.99 billion of this meme coin to the major US-headquartered crypto exchange Gemini. That amount of $SHIB if sold would bring the whale slightly under $10 million.
That whale purchased a jaw-dropping amount of $SHIB on August 7, 2020 – 15.2 trillion – for just 10 $ETH.
This early $SHIB whale with a $108M profit just further deposited 399.99B $SHIB ($9.69M) to #Gemini in the past hour.
— Spot On Chain (@spotonchain) December 19, 2024
Notably, on Aug 7, 2020, this whale bought 15.2T $SHIB for just 10 $ETH.
Now, the whale still holds 2T $SHIB ($48.54M) with an estimated total profit of $107.7M… https://t.co/onRwdplWd6 pic.twitter.com/vrHJaGI4qx
This early whale now owns 2 trillion Shiba Inu worth $48.54 million, which constitutes an estimated overall profit of $107.7 million – that is his 3.7x return from his initial $SHIB investment made four years ago.
Whales selling $SHIB as price plummets
Another analytics report was published to show that $SHIB whales seem to be liquidating all or at least large parts of their meme coin holdings as the $SHIB price has demonstrated a roughly 10% decline over the past 24 hours.
$SHIB went from $0.00002618 down to the $0.00002345 level. By now, this deep decline has been partially recovered as $SHIB has increased by a minor 2.64%.
Over the past ten days, the popular meme cryptocurrency has lost more than 21%, plunging from $0.00003076 to $0.00002409, where it is changing hands at the time of writing this article.
Other sources also show that whales have been sending their $SHIB coins to exchanges, pushing down the price. The $SHIB price mirrors the recent bearish move in the Bitcoin price, as $BTC dropped by approximately 5%, briefly crashing below the $100,000 level.
Following the recent announcement that the Fed Reserve will cut interest rates by 25 basis points rather than 100 in 2025, the crypto market took a severe beating. By now, the largest cryptocurrency, $BTC, has recovered a little, again trading above $101,000 and coming close to topping $102,000.