A SHIB whale moved 400 billion tokens to Gemini, potentially cashing out $10 million amid declining prices.
SHIB experienced a 10% price drop, following Bitcoin’s bearish trend and the Federal Reserve’s recent rate announcement.
Over the past ten days, SHIB has lost 21%, reflecting the broader cryptocurrency market downturn led by Bitcoin's volatility.
An early Shiba Inu (SHIB) investor, who had previously reaped massive profits, transferred an extraordinary 399.99 billion SHIB to Gemini, a major U.S.-based cryptocurrency exchange. According to analytics account @Spotonchain, the tokens moved today could net the investor nearly $10 million if sold at current market rates.
https://twitter.com/spotonchain/status/1869610434376188038
The investor initially purchased 15.2 trillion SHIB in August 2020 for just 10 ETH. The value of their remaining SHIB holdings now stands at approximately $48.54 million, yielding a 3.7x return on their investment.
SHIB Price Suffers a 10% Drop
The second-most popular meme cryptocurrency has faced a sharp 10% decline over the past 24 hours. Shiba Inu’s price fell from $0.00002618 to $0.00002345 before recovering slightly by 2.64%. Over the past ten days, SHIB’s value has dropped by over 21%, plunging from $0.00003076 to $0.00002409.
This decline mirrors Bitcoin’s recent bearish trajectory, which resulted in a market-wide downturn. Bitcoin dropped approximately 5% and briefly fell below $100,000 before rebounding to trade above $101,000.
Market Reactions to Federal Reserve Update
The cryptocurrency market’s bearish sentiment aligns with the Federal Reserve’s latest announcement on interest rates. The Fed decided to cut rates by 25 basis points instead of the anticipated 100, leading to disappointment among crypto investors.
Consequently, major cryptocurrencies like Bitcoin and Ethereum experienced declines, dragging SHIB and other altcoins down as well.
Whales Liquidate SHIB Holdings
Reports suggest a trend of significant SHIB liquidations by large holders, contributing to the ongoing price pressure. The movement of billions of SHIB tokens to exchanges, including today’s transfer, indicates that whales are cashing out their holdings.
Despite today’s minor recovery, SHIB’s price remains vulnerable as market conditions continue to reflect broader economic uncertainties. This whale activity highlights a growing caution among investors amid the crypto market’s volatile landscape.
