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SHIB was last year's second most-traded crypto asset on WazirX. YouTube Screenshot/ Shytoshi Kusama Official YouTube Chanel

KEY POINTS

  • The crypto whale sold 421.6 billion SHIB within a period of 6 hours Saturday
  • The sale has reportedly resulted in over $6 million in losses to the crypto whale
  • SHIB's Saturday price was not largely affected by the huge sale

A crypto whale, described within the cryptocurrency circle as an individual or entity that holds a massive amount of crypto, adequate enough to have an impact on the crypto market, has reportedly sold nearly $4 million worth of Shiba Inu (SHIB) tokens.

The news was first reported by on-chain data analysis platform Spot On Chain on X (formerly Twitter). The crypto whale, identified as "0x30e," reportedly sold 421.6 billion SHIB in a period of around six hours on Saturday. In particular, 311.6 billion SHIB worth $2.97 million were deposited to Binance, while the remaining $110 billion Shiba Inu tokens were sold on a decentralized exchange (DEX) for approximately $1.01 million.

"Truly selling now would cause the whale to lose $6.32M (-61.4%) after 2.5 years of holding!" Spot On Chain noted. The data suggests that 0x30e initially acquired the tokens when they were valued at $0.00002443 each for $10.40 million. The SHIB were reportedly sold at $0.0₅9437 each.

The data further showed that later in the day, the crypto whale sold another 80 billion SHIB valued at $724,540.

Despite the massive sale, the $SHIB's price has not seen significant activity, as the token only experienced movement of about 0.1% Saturday, as per Be In Crypto.

Furthermore, AMB Crypto's analysis of the token's daily timeframe chart noted that SHIB "displayed an upward trend on" Saturday. The token saw a 1.15% increase at the end of the day's trading session.

Two days before the sell-off, IntoTheBlock data indicated that transactions involving the dog-themed token surged by 454.16% Thursday, reaching $112.96 million. There were 34 large transactions on the said day, marking the highest large transaction volume in the last seven days. The transactions indicated that there was a SHIB whale activity.

Meanwhile, SHIB continues to drive interest in the cryptocurrency market as it was hailed as last year's second-most traded crypto asset on India-based crypto exchange WazirX. The designation means SHIB outperformed some of the major cryptocurrencies, including Ripple (XRP) and Ether (ETH) on the exchange.

The said milestone came amid a host of projects within the Shiba ecosystem, including the launch of the now-leading layer-2 scalability solution Shibarium.

WazirX's report noted that in 2023, SHIB and Bitcoin (BTC) were the leading crypto assets by volume on the platform.

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