The largest whale in Ethereum (ETH) completed a series of transactions that saw it receive 536 billion SHIB. She made her purchases on two different cryptocurrency exchanges. How did the transactions affect the price of SHIB?
Movements that do not stop the downtrend
The first Ethereum whale recently bought 536 billion Shiba Inu (SHIB), spending $7 million. The whale made this huge memecoin purchase on two cryptocurrency exchanges: Binance and Coinbase. To achieve 536 billion SHIB, he did 14 different trades. The operation put the Shiba on the list of current crypts tendency.
The whale bought 475.7 billion SHIB for $6.2 million in its first round of transactions. Another series of 4 trades allowed him to buy additional SHIBs for $795,262. You should know that before all these transactions, the price of SHIB was in free fall. And the whale moves did not prevent the decline in SHIB’s price from continuing.
It should be noted that Shiba Inu (SHIB) is down 85% from its historical peak. In addition, whales have significantly reduced their SHIB holdings since the beginning of 2022. Note that the total holdings of the first 100 Ethereum whales comprise only 3.89% SHIB.
This percentage is very low compared to what was observed when Shiba Inu (SHIB) reached an all-time high. In fact, Shiba Inu then represented more than 20% of the total holdings of the first 100 Ethereum whales.
As we see a continued decline in the price of Shiba Inu (SHIB), the Ethereum whale buys 536 billion memecoins. Note that the cumulative SHIB holdings of the first 100 whales of Ethereum are 152 million dollars when it was worth a billion dollars before.
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Far from dampening my enthusiasm, an unsuccessful investment in cryptocurrency in 2017 only increased my enthusiasm. So I decided to study and understand the blockchain and its many uses and share my pen knowledge related to this ecosystem.