Nearly 3 trillion Shiba Inu have been moved by this whale after this “brutal” market downturn
Data picked up on Etherscan shows that 13 hours ago, an anonymous address transferred a total of about three trillion SHIB of Shiba Inu meme tokens.
This sum in meme coins is evaluated at nearly $29 million. This whale sold 2.8 trillion SHIB after he had been holding it for slightly more than two months.
2.8 trillion SHIB dumped in the market
A total of 2,871,107,075,474 Shiba Inu worth $28,682,359 were moved from one anonymous wallet to another, indicating either a transfer or sale of the same holder to another address.
Details of the sender’s wallet made available by Etherscan demonstrate that this amount of meme crypto was purchased 64 days ago and held over the past two months until this recent sale.
One possible reason for this could be the recent price action of the second-largest meme coin by market cap, which Tron (TRX) recently pushed down from the 14th spot on the CoinMarketCap scale.
SHIB’s bearish market performance
Over the past three days, Shiba Inu has been dropping heavily, losing 9.40%. By now, it price has added another zero, trading at $0.00000972 after falling from the $0.00001072 level on Oct. 10.
The market capitalization of the meme token has dropped below $6 billion, which now stands at $5,332,065,530.
According to Bloomberg analyst and podcaster Joe Weisenthal, this downturn of the coin’s price indicates that crypto is in a “brutal bear market.”
The top 100 whales on Ethereum currently hold $122,746,421 in Shiba Inu equivalents, which comprises 4.97% of their portfolios, according to data provided by WhaleStats.
On Wednesday, this sum was a little bigger — $126,805,312. Therefore, by now the whales have dumped another $4 million worth of this meme token, which is 411,522,633,744 coins.
Before that, he had sold 628 billion SHIBs worth $7 million within several days.
