The cryptocurrency market, after a bullish momentum, is now experiencing a price correction. Amid this, the second-largest meme coin, Shiba Inu (SHIB), saw a whale address (0x30e) sell over 421 billion SHIB tokens worth $3.98 million, with an average price of $0.059437. However, massive SHIB selling was observed on two separate Decentralized Exchanges (DEX).
Why investors are selling Shiba Inu?
Initially, the whale address (0x30e) deposited (sold) 311.6 billion SHIB tokens worth $2.97 million to the world’s biggest cryptocurrency exchange, Binance. Another significant deposit of 110 billion SHIB tokens, worth around $1.01 million, was made on another DEX. The major reason behind this selling might be the SHIB performance in the last year.
Shiba Inu (SHIB) experienced over a 27% downside momentum in the last year, whereas other major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Cardano (ADA), and many others experienced a significant upside momentum. Despite these major cryptocurrencies, other top meme coins like Dogecoin (DOGE) experienced only a 1% upside momentum, whereas Pepe (PEPE) experienced a massive 1980% upside momentum.
However, after this massive selling of SHIB tokens, the whale booked a loss of over $6.2 million, which is 61.7%, after holding for 2.5 years. Besides this massive selling, the same whale has sold heavily eight times since 2022.
Shiba Inu performance
Currently, Shiba Inu (SHIB) is trading near $0.0594, and in the last 24 hours, it experienced a 0.7% downside momentum. Looking at SHIB’s performance in the last 30 days, it experienced nearly 3% downside momentum in the last 7 days, whereas in the last 30 days, it had over 6.5% upside momentum.
However, looking at the current situation of Shiba Inu, investors as well as whales are taking advantage of the current price of SHIB and significantly accumulating it. Recently, on January 8, 2024, a crypto whale address (0xf63) withdrew 546 billion Shiba Inu (SHIB) worth around $4.93 million from the world’s largest cryptocurrency exchange, Binance.
In addition to this significant accumulation, according to data from on-chain analytics firm Spotonchain, in the last 2.5 months, six crypto whales, including billionaire Justin Sun and the founders of TRON, heavily accumulated SHIB tokens. According to the data, these five whales have withdrawn 2.742 trillion SHIB tokens, amounting to approximately $25.2 million.
