A massive whale, believed to be the largest holder of Shiba Inu (SHIB) tokens, recently made significant moves in the cryptocurrency market.
The whale transferred a staggering 4 trillion SHIB, valued at $29.8 million, to eight newly-created addresses. This activity has garnered attention from crypto enthusiasts, as it marks the first notable transaction by the whale in over 600 days.
According to data from on-chain analytics platform Lookonchain, the whale, who had acquired 103.33 trillion SHIB earlier, made a purchase using 38 Ethereum worth approximately $14,000.
Shortly after, the whale sold around 603 billion SHIB, exchanging it for approximately 2,411 ETH, resulting in a transaction value of $9.6 million. Remarkably, the whale realized profits of 62,447.37% from this particular transaction.
In addition to the recent transactions, the whale had also deposited 1.25 trillion SHIB, equivalent to $8.77 million, into Coinbase earlier this year. Despite these activities, the colossal whale still retains 101.47 trillion SHIB, which amounts to an approximate value of $756 million.
What adds intrigue to the situation is that the whale has distributed the SHIB tokens across 23 different wallets, making it challenging for observers to track or pinpoint the exact actions of the whale.
This complex distribution strategy adds an element of mystery to the whale’s intentions and future moves.
In the latest development surrounding SHIB tokens, data from Shibburn reveals a significant drop of over 100% in the burn rate of SHIB tokens in the past 24 hours.
This sudden decrease in burn rate may have implications for the overall SHIB ecosystem and market dynamics, warranting further analysis and observation.