Shiba Inu News: Shiba Inu (SHIB), the second largest meme cryptocurrency is trading under immense selling pressure due to increased volatility in the crypto market. However, the SHIB price might see a drop ahead as a crypto whale is seeking a price surge ahead for a possible dump.

Whale to dump Shiba Inu ahead?

As per the Lookonchain report, crypto whale have made some Smart Money amid the recent Shiba Inu price surge. Meanwhile, it is expected that these whales are ready to dump its massive SHIB holding ahead.

Data depicts that whale can make more than $23 million on SHIB transferred around 17 hours ago. It moved more than 207 billion SHIBs. However, After this Shiba Inu price dropped by 3%.

Analysts mentioned that the whale had bought around 3.49 Trillion Shiba Inu at a mere cost of 2.37 Ethereum (ETH), approx a price of $2,233 in 2020. The whale spent 1.83 ETH (approx price $1,967 at that time) to add 2,27 Trillion Shiba Inu. Later it bought 1.22 Trillion SHIB which cost it around 0.54 ETH (approx price $266 at that time).

After this accumulation, Shiba Inu Price spiked in April 2021. However, the whales took the opportunity and began to sell their holding. As per data, they transferred out a total of 2.94 Trillion SHIB tokens.

How much the whale holds now?

However, the whale is still holding around 0.55 trillion Shiba Inu coin. If the whale sells its remaining SHIB holding then it might book a good amount of $18.3 million.

As per calculation SHIB bought for 2.37 Ethereum back in 2020 will somehow bring it a profit of more than $23 million.

The post Shiba Inu News: Shiba Inu Price Drop Ahead? Whales Seek Price Surge appeared first on CoinGape.

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Filed under: News - @ December 15, 2022 12:52 pm