Crypto Whale's Huge SHIB Sale Ends in Loss, Price Stays Steady

Crypto Whale's Huge SHIB Sale Ends in Loss, Price Stays Steady

By Jakub Lazurek

26 Feb 2024

2 min read

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Massive SHIB token sale by '0x30e' leads to loss, yet the market remains stable

A massive sale of 421.6 billion SHIB tokens by a notable crypto investor, known as '0x30e', has caught the crypto community's eye. This move involved a total of $3.98 million but resulted in a significant loss of 61.4% for the investor over two and a half years. Despite this large transaction, SHIB's market price has remained stable at approximately $0.0000096, showing resilience in the face of substantial ecosystem growth.

The transaction, which took place on February 24, involved selling SHIB tokens at a rate of $0.000009437 each. It was carried out through Binance, the leading crypto exchange by volume, and an anonymous Decentralized Exchange (DEX). The investor placed 311.6 billion SHIB tokens into Binance and sold another 110 billion on a DEX, revealing an initial purchase cost of $10.30 million for the tokens. This sale resulted in a loss of around $6.32 million, underlining the high-risk nature of cryptocurrency investments.

In addition to this significant sale, the same address also sold 80 billion SHIB tokens valued at $724,540 on the same day. These transactions have not dramatically affected SHIB's price, which has seen only minor changes recently. Over the last day, SHIB's value shifted by just 1.1%, with a slight decrease of 2.9% over the past week. Crypto analysts, including King Thies, suggest that SHIB is trying to break through to $0.00001 but is currently facing resistance.

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