Shiba Inu Traders Massively Offload SHIB, as Meme Coin’s Price Remains Calm

A group of eleven wallets, potentially belonging to a single whale, has sold 533.6 billion SHIB tokens yesterday. According to data from SpotOnChain, one of the most popular on-chain platforms in crypto, this massive sale was executed for a total of 15.99 million DAI, at an average price of $0.00003 per SHIB token.

The wallets involved in this transaction are:

  1. 0xfb67ef6fe609edab1e0595e6815634e8e4db9cf7
  2. 0x8d6ee60e6b40f6a846a12e28e36557ec673f9b45
  3. 0xa3f526dc2b89bcdac893be3daa781d0b565a3b45
  4. 0xf471176f71c41e30304146129b594e21ad6bc16f
  5. 0x607c26c976272459a0896065e03a9b70c0ef04b5
  6. 0xfdc4661d8197c2072f66e59f5c259f9af2e5a821
  7. 0xd0f4ed0499606a040bd3987e3fa2a275c5f28b02
  8. 0xE794B285e1Efed681B693B5AF6aEE755ceB1A563
  9. 0x7523e4f3f927705714aba5e11b57bfbbe363d185
  10. 0xf810101a498a16671e191dd5a5bf1a20718dedf1
  11. 0x52c207233f10a4a304f32a793d6c5801be515ca3

Interestingly, these same wallets had initially acquired their SHIB holdings on March 1, 2024, by purchasing 7.75 million DAI worth of SHIB at an average price of $0.00001453. This means that after less than a month, they have realized a joint profit of $8.24 million, representing a 106% return on their investment.

Source: SpotOnChain

Despite this massive sell-off, the price of the Shiba Inu (SHIB) meme coin has remained relatively calm, with the token actually gaining 9% over the past week and currently trading around $0.00003. This could potentially indicate that the market has absorbed the sell pressure from this whale without significantly impacting the price.

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While the motivations behind this massive trade remain unclear, it underscores the potential volatility and unpredictability of the cryptocurrency market, especially when it comes to meme coins like SHIB. However, for those willing to embrace the inherent volatility and unpredictability, the potential rewards can be massive, as evidenced by the 106% profit realized by these eleven wallets in less than a month.

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Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!