PakGazette: According to Analytics X account @Spotonchain, two staggering amounts of meme coins were sold today.
This happened when the second most popular meme cryptocurrency in the market, SHIB, demonstrated a price drop of approximately 10% reacting to Bitcoin’s recent bearish trajectory caused by the Federal Reserve statement and the unfulfilled expectations of Bitcoin holders. cryptocurrencies.
First whale moves 400 billion SHIB to Gemini
The aforementioned on-chain data source reported that one of the early Shiba Inu holders, who had made a huge profit of 108 million dollars in SHIB, had made another large deposit, moving an impressive amount of 399.99 billion this meme coin to the leading US-based crypto exchange, Gemini. . That amount of SHIB, if sold, would net the whale just under $10 million.
That whale bought a staggering amount of SHIB on August 7, 2020 (15.2 billion) for just 10 ETH.
This early whale now owns two trillion Shiba Inu worth $48.54 million, making for an estimated total profit of $107.7 million, or a return of 3.7 times his initial SHIB investment. made four years ago.
Whales sell SHIB as price plummets
Another analytical report was released to show that SHIB whales appear to be liquidating all or at least a large portion of their meme coin holdings, as SHIB price has shown a decline of approximately 10% in the last 24 hours.
SHIB went from $0.00002618 to the level of $0.00002345. So far, this deep drop has been partially recovered as SHIB has risen a small 2.64%.
Over the past 10 days, the popular meme cryptocurrency has lost over 21%, falling from $0.00003076 to $0.00002409, where it is changing hands at the time of writing.
Other sources also show that whales have been sending their SHIB coins to exchanges, which has driven the price down. SHIB price reflects the recent bearish price movement as BTC fell by approximately 5%, briefly falling below the $100,000 level.
Following the recent announcement that the Federal Reserve will cut interest rates by 25 basis points instead of 100 in 2025, the cryptocurrency market took a beating. By now, the largest cryptocurrency, BTC, has recovered somewhat, trading above $101,000 again and getting closer to surpassing $102,000.
