Shiba Inu Whale Moves $2.3M Worth of Meme Coins — On-Chain Analyst Sounds Alarm As History Shows Price Drops Of 7%
By 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.
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A SmartMoney we shared before transferred 182B $SHIB ($2.3M) to #Cryptocom and #Gemini just now.
The last time he transferred $SHIB to #Cryptocom dropped the price of $SHIB by 7%.
Join our telegram group to received alerts.https://t.co/BslhSwNjdNhttps://t.co/V07ik5oRJB https://t.co/oIkhSb5Qlo pic.twitter.com/GFhRQQO6YI
— Lookonchain (@lookonchain) February 27, 2023
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.
