Binance User Holding 612B Shiba Inu Incurs Over $4M Loss Amid SHIB Price Dip

Following the recent market downturn, a Binance user who holds over 612 billion Shiba Inu tokens lost a whopping $4.125 million.

Many crypto investors have suffered significant losses over the past few months due to market downturns that have wreaked havoc on the prices of top assets like Shiba Inu.

In a tweet yesterday, Onchain Lens revealed that a crypto whale had incurred substantial losses on their Shiba Inu investment. The untagged address, 0xbf9…d38ea, currently holds 612,295,960,405 (approximately 612.3 billion) $SHIB tokens worth $7.85 million.

Notably, Onchain Lens suggested that the value of these tokens has dropped significantly since their purchase. The wallet owner has suffered a loss of $4.125 million on their Shiba Inu investment compared to the amount originally paid to acquire the tokens.

$SHIB Transactions

Onchain data from Etherscan shows that the owner of this blockchain address is a Binance user who majorly used the exchange to acquire $SHIB tokens.

The address received its first $SHIB tokens from an unlabeled address on March 10, 2024, when $SHIB surged to a daily high of $0.00003527. At the time, the unlabeled address sent 768.95 million $SHIB to 0xbf9…d38ea.

On August 4, 2024, the whale withdrew 64.52 billion $SHIB tokens from Binance. A few days later, it deposited another 65.28 billion $SHIB into the leading crypto exchange, selling all its $SHIB holdings.

However, since the beginning of this year, the address has purchased approximately 612.30 billion $SHIB, which remains untouched. So far, the value of the $SHIB holdings has dropped significantly since their acquisition, losing over $4 million.

Other Shiba Inu Investors Incur Losses

Besides 0xbf9…d38ea, most Shiba Inu investors have also suffered significant losses following $SHIB’s recent collapse. This coincides with a major drawdown across the broader crypto market.

Currently trading at $0.00001219 per token, $SHIB is down 42.3% since the beginning of this year. The token has also plunged 16% in the past 30 days and 16.3% over the past week.

At the current price, 84.89% of all on-chain addresses holding a combined 835.87 trillion $SHIB ($10.19 billion) are in losses, according to data from IntoTheBlock.

However, only 12.31% of Shiba Inu on-chain addresses with a holding of 121.25 trillion $SHIB ($1.48 billion) are seeing gains on their investment. The remaining 2.79%, holding 27.5 trillion $SHIB valued at $335.43 million, are at breakeven.