According to U.Today – Analytics X account @Spotonchain, an astonishing amount of two meme coins were sold earlier today.
This is because SHIB, the second most popular market meme cryptocurrency, has seen its price drop by around 10% in response to Bitcoin's recent bearish trajectory caused by Fed statements and unmet expectations of crypto holders. This happened because it showed a decline.
Early whales move 400 billion SHIB to Gemini
The source of the above-mentioned on-chain data reveals that the initial owner of Shiba Inu, who made a huge profit of $108 million on SHIB, made an even larger deposit and transferred $399.99 billion of this meme coin to the United States. It has been reported that the company has moved to Gemini, a major virtual currency exchange headquartered in . . If this amount of SHIB were sold, it would generate a profit of just under $10 million for the whales.
The whale purchased an amazing amount of 15.2 trillion SHIB for just 10 ETH on August 7, 2020.
This early whale now owns 2 trillion Shiba Inu dogs worth $48.54 million, which equates to an estimated overall profit of $107.7 million. This is a 3.7x return on the original SHIB investment made four years ago.
Whales sell SHIB due to price drop
Another analytical report shows that SHIB whales appear to be liquidating all, or at least most, of their meme coin holdings, as SHIB prices have fallen by around 10% over the past 24 hours.
SHIB fell from $0.00002618 to $0.00002345 level. This significant decline has now been partially reversed, with SHIB up just 2.64%.
Over the past 10 days, the popular meme cryptocurrency has fallen more than 21%, plummeting from $0.00003076 to $0.00002409 and is switching trades at the time of writing.
Other sources say that whales are transferring SHIB coins to exchanges, pushing down the price. The SHIB price reflects recent bearish price movements, with BTC down about 5% and briefly below the $100,000 level.
The crypto market took a severe hit following the Federal Reserve's recent announcement that it will cut interest rates by 25 basis points instead of 100 basis points in 2025. To date, the largest cryptocurrency, BTC, has recovered a bit, once again trading above $101,000 and approaching the $102,000 mark.
This article was originally published on U.Today
