Dormant Shiba Inu Whale Shifts 500 Billion SHIB; Dump Ahead?

Shiba Inu Coin News: The world’s second largest meme cryptocurrency, Shiba Inu (SHIB) is trading under selling pressure as Pepe (PEPE) grabbed the spotlight this month. SHIB price dropped almost 20% in the last 30 days. However, on-chain data depicts that whales might be taking an exit from the Shiba Inu.

Also Read: Ripple Counsel Withdraws From Case; US SEC To Gain Upper Hand?

Shiba Inu Faces Selling Pressure

As per Spot On Chain, a crypto whale shifted 499.6 billion Shiba Inu Coin (approx price $4.2 million) to crypto exchange Hotbit in a single transaction. It is important to note that the whale wallet came from a dormancy of 7.5 months. The whale is looking to take an exit from its accumulation spree in 2022.

Shiba Inu price is on a constant decline despite the announcement of its much anticipated “SHIB THE METAVERSE”. SHIB price is trading at an average price of $0.000008, at the press time, down by 32% in the last 90 days. However, the whale is still in profit on its SHIB holding by 200%.

As per the data, the whale wallet made an estimated profit of $70 million in 2021 Shiba Inu hype. It moved around 900 billion to Hotbit when Shina Inu was trading at an average price of $0.000065, making a profit of around $58 million.

Since this major dump, the whale went on to accumulate SHIB at lower prices in 2022. As the Shiba inu prices are on a decline, the crypto whale might be considering taking an exit from its positions now.

Top 100 ETH Whales Hold $601 Mln Of SHIB

The new sensation in meme crypto, Pepe has grabbed the attention of the traders by surging 2500% in the last 60 days. This price move has made PEPE the most hyped coin in the last few weeks beating Dogecoin (DOGE) and SHIB.

However, Shiba Inu is still the largest crypto held by the top 100 Ethereum (ETH) whales. These wallets hold $601 million worth of SHIB. It makes up almost 12% of their total holdings.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at ashish@coingape.com

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