Shiba Inu Faces Major Sell-Off as Whales Deposit Over 4 Trillion SHIB on Coinbase

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As a seasoned crypto investor with a keen eye for on-chain data and market trends, I find the recent developments surrounding Shiba Inu ($SHIB) intriguing. The potential sell-off by massive whales depositing over 4 trillion tokens onto Coinbase is a cause for concern, as it could generate significant profit for them if the price drops below their average entry point of $0.000013.

As a crypto investor, I’ve noticed some concerning signs regarding Shiba Inu ($SHIB). Recently, enormous whale investors have transferred over 4 trillion tokens of this meme-inspired cryptocurrency to Nasdaq-listed exchange Coinbase. This sudden movement could be an indication that these whales are planning to sell off their holdings, potentially leading to significant selling pressure and a potential price drop for $SHIB.

Over the past week, SHIB‘s value has decreased by over 16 percent. This decline came after a large sell-off caused its price to drop from approximately $0.000025 down to $0.000021 at the present moment. Even amidst a broader crypto market uptick due to favorable US inflation data, SHIB’s cost continued to decrease.

Significantly, OnchainDataNerd, a renowned cryptocurrency analyst, posted data on X (previously Twitter) revealing that ten distinct wallets transferred approximately 4.29 trillion SHIB tokens, valued around $100 million, to Coinbase. These deposits were made during two distinct timeframes: September 2021 and March 2024. The average purchase price for these tokens was $0.000013.

If the price of Shiba Inu stays above the current level of $0.000021, a massive sale by the large investors (whales) could result in earnings of approximately $41 million.

Five hours ago, I noticed that ten separate Shiba Inu ($SHIB) wallets deposited a combined total of 4.29 trillion coins, equivalent to approximately $97.33 million, into Coinbase. Interestingly, the transaction histories of these wallets reveal that the SHIB were accumulated in two distinct timeframes: September 2021 and March 2024. The average purchase price for these coins was $0.00001309 each. Based on this information, if I were to sell all of my currently held SHIB at the current market price, I would realize a profit of approximately $41.22 million.— The Data Nerd (@OnchainDataNerd) June 11, 2024

Recently, a significant crypto investor amassed large quantities of SHIB, investing millions and potentially reaping billions of tokens in the process – an action that follows closely on the heels of rumored imminent whale sales for this meme-inspired cryptocurrency.

As a successful crypto investor, I’ve observed some intriguing movements in the market according to on-chain analysis provided by Lookonchain. Specifically, an investor who previously made over $120 million from investing in SHIB, the meme-inspired cryptocurrency, has recently purchased an impressive amount. They have spent approximately 4,849 Ether, equivalent to around $18.44 million, to acquire a staggering 715.9 billion SHIB tokens.

Based on the information provided by the service, it is mentioned that a trader previously invested approximately $400,000 to acquire about 5.5 trillion SHIB tokens. Subsequently, they managed to sell these tokens for roughly $121 million during two peak pricing periods.

The advancements within the Shiba Inu ecosystem, apart from the whale’s activities, have significantly contributed to the token’s recent price surge. Notably, Shibarium, the Layer-2 scaling solution, has made substantial progress this year, increasing the network’s ability to process a larger number of transactions smoothly and efficiently.

As a crypto investor, I’m excited about the potential developments in the Shiba Inu ecosystem. The Shibdentity initiative holds promise for a new era of digital identity, giving us investors a chance to be part of something innovative. Additionally, the recent launch of the Sheboshis NFT collection with 20,000 unique digital avatars on the Ethereum blockchain adds another intriguing layer to the Shiba Inu universe.

Enhancing the prospects of the ecosystem even further, Shiba Inu successfully raised $12 million in funding from notable investors such as Polygon Ventures, Mechanism Capital, and Animoca Brands. These funds will be allocated towards building a privacy-centric Layer-3 blockchain. Additionally, the linking of Shibaswap decentralized exchange with Shibarium marks another significant stride towards creating a more robust and extensive ecosystem.

From my findings, SHIB‘s recent advancements managed to propel it past Cardano, momentarily securing a spot among the top 10 cryptocurrencies by market capitalization.

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2024-06-13 17:34