A Shiba Inu whale, identified by the wallet address 0x462, deposited 100 billion SHIB (approximately $2.24 million) into a Coinbase account.
If the whale sells the tokens at the current price of $0.00002324, it could lose approximately $178,000.
SHIB has experienced a 6.19% decline in value over the last seven days, underperforming compared to the broader cryptocurrency market and other cryptos within the Ethereum ecosystem.
The recent activity of a Shiba Inu whale, identified by the wallet address 0x462, has drawn attention to the potential impact of large-scale transactions on the token’s liquidity and price stability.
The whale deposited 100 billion SHIB, worth approximately $2.24 million, into a Coinbase account as part of a broader pattern of significant trades within the past week.
7 hours ago, a whale 0x462 just deposited 100B $SHIB (~$2.24M) to #Coinbase.Within a week, he accumulated those tokens with avg entry $0.00002408.If sold at current price, he will have a small loss ~$178k.His address:https://t.co/NrkJwBbVb1 pic.twitter.com/cAJ7FZdRXg
— The Data Nerd (@OnchainDataNerd) May 13, 2024
The Data Nerd, an on-chain data analyst, reveals that the whale amassed SHIB tokens at an average price of $0.00002408 each, potentially incurring a loss of around $178,000 if they sell them at the current price of $0.00002324.
This transaction is just one part of a larger narrative involving SHIB’s market performance, as the token has experienced a 6.19% decline in value over the last seven days, underperforming compared to the broader cryptocurrency market’s 2.60% decline and other cryptos within the Ethereum ecosystem, which have seen an average increase of 12.70%.
Shiba Inu Exchange Inflows and Outflows: A Closer Look
Arkham Intelligence’s data highlights significant SHIB inflows and outflows across multiple exchanges. We identified the transfer of 100 billion SHIB into Coinbase as the seventh largest among the most significant SHIB inflows in the past 24 hours.
The on-chain exchange flow graph for SHIB shows a varied pattern throughout the day, with a notable spike in inflows and prolonged outflows continuing, indicating a dynamic market environment.
SHIB whales’ activity extends beyond the wallet address 0x462. Moreover, on May 2, an unidentified wallet removed a staggering 1.75 trillion SHIB from the Robinhood exchange, signaling a persistent accumulation pattern despite the token’s price volatility.