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Shiba Inu Whale Moves $2.3M Worth of Meme Coins — On-Chain Analyst Sounds Alarm As History Shows Price Drops Of 7%

Published 27/02/2023, 12:05
© Reuters. Shiba Inu Whale Moves $2.3M Worth of Meme Coins — On-Chain Analyst Sounds Alarm As History Shows Price Drops Of 7%

Benzinga - A Shiba Inu (CRYPTO: SHIB) whale made a huge transfer of a whopping $2.3 million to two cryptocurrency exchanges.

What Happened: According to on-chain data provider Lookonchain, a ‘Smart Money’ whale sent 182 billion SHIB, the equivalent of about $2.3 million, to two crypto exchanges — Crypto.com and Gemini.

See Also: Top Indian Apps That Give Bitcoin, NFT Rewards

Lookonchain noted that when the whale transferred a large volume of SHIB to Crypto.com in mid-December 2022, the price of SHIB dropped by 7%. The whale had transferred 200 billion SHIB worth $1.67 million to the Singapore-based exchange and within five hours of the transaction, the price had dropped significantly.

As the on-chain data provider reports, ‘Smart Money’ bought 15.28 trillion SHIB on Aug. 7, 2020, for just 10 Ethereum (CRYPTO: ETH). This equated to a purchase price of $3,796. Then, using Uniswap, the whale managed to generate returns of 1,967 ETH, representing a whopping $7 million in profit.

Price Action: At the time of writing, SHIB was trading at $0.000012, up 2% in the last 24 hours, according to Benzinga Pro data.

Read Next: Bitcoin, Ethereum, Dogecoin Rise: Analyst Warns 'Ugly' Bond Market Selloff Could Pull Apex Crypto Down To $21.5K

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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