Breaking: Massive Shiba Inu Whale Sells 255 Billion SHIB Token
The well-known blockchain analytics platform Spot on Chain reported today that a significant development has occurred, indicating that a particular decision is yielding positive results.
Shiba Inu Whale’s Activity
According to Spot on Chain, an unidentified individual or entity (referred to as a “whale”) exchanged 255.62 billion SHIB, valued at $3.5 million, for 3.114 million FET over a 10-hour period. Interestingly, this strategic move resulted in a 14% surge in the price of FET shortly after the transaction.
Despite exchanging a substantial amount of SHIB for FET, the whale still retains holdings of 713 billion SHIB, valued at $10 million. It remains to be seen whether the investor will continue to trade more of their SHIB holdings for FET or other cryptocurrencies.
The whale has been involved in Shiba Inu investments since 2021. Spot on Chain revealed that this investor first engaged in SHIB trading from February 2021 to June 2022, realizing a significant profit of $145 million.
After a two-year hiatus from accumulating Shiba Inu, the whale resumed purchasing SHIB on June 5, 2024, exchanging 4,849 ETH (worth $18.5 million) for 715.8 billion SHIB in a single transaction. This transaction resulted in a 4.6% price surge for Shiba Inu, as reported by Spot on Chain.
Contrary to the investor’s initial successful SHIB trade, their recent investment in the meme-inspired cryptocurrency has not performed as expected. According to Spot on Chain, the investor experienced an unrealized loss of $11.51 million, reflecting a 45.9% decline from their second SHIB trade. Consequently, the investor chose to mitigate some of the losses by exchanging a portion of their SHIB holdings for FET.
Price Action and Performance
To date, the investor has acquired a total of 9.257 trillion SHIB and sold 8.544 trillion SHIB, retaining a holding of 713 billion tokens. In the same period, the price of FET has increased by 7.33% to $1.19, while SHIB has decreased by 0.47%.
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