A colossal whale, believed to be the largest holder of Shiba Inu ($SHIB) tokens, has made a significant move by transferring 4 trillion SHIB, valued at $29.8 million, to eight newly-created addresses.
This activity has captured the attention of crypto enthusiasts, as it marks the whale’s first substantial transaction in over 600 days.
According to data from the on-chain analytics platform Lookonchain, the whale, who previously acquired 103.33 trillion SHIB, made a purchase using 38 Ethereum (ETH) worth around $14,000.
Subsequently, the whale sold approximately 603 billion SHIB for about 2,411 ETH, valuing the transaction at $9.6 million. The profits from this sale amounted to an impressive 62,447.37%.
In addition to these transactions, the whale deposited 1.25 trillion SHIB, equivalent to $8.77 million, into Coinbase earlier this year.
Despite these movements, the colossal whale still holds 101.47 trillion SHIB, with an approximate value of $756 million. It is worth noting that the whale has distributed the tokens across 23 different wallets, making it challenging to track or predict the whale’s exact actions.
In a recent development, data from Shibburn reveals a significant drop of over 100% in the burn rate of SHIB tokens within the last 24 hours. This observation adds further intrigue to the evolving dynamics surrounding SHIB token movements.
