Shiba Inu Whale Sells 421 Billion SHIB as Price Seeks Momentum

In what is a rather surprising development for the ecosystem, one Shiba Inu whale has sold for more than 421 billion SHIB as the price desperate seek some more momentum. Indeed, the whale in question sold the meme coin collection after holding it for more than 2 and a half years according to a Spot On Chain report.

On Sunday, the asset made moderate movement upward, increasing only 0.32% to trade at $0.0000096 according to CoinMarketCap. Subsequently, the SHIB army is seeking to eliminate another zero from the price, with the week set to decide whether or not that could be possible before March arrives.

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SHIB Whale Sells Billions After 2.5-Year Hold

The prevalence of meme coins has been an undeniable subsect of the digital asset sector in the last several years. With tokens like Dogecoin (DOGE) gaining much renown, the industry has seen interest in these cryptocurrencies increasing. Specifically, that growth is tied closely to the overall increase in utility of the various networks.

One of the leaders in this area is Shiba Inu, who has seen a whale sell more than 421 billion SHIB as the price seeks some positive momentum. The sale was surprising as it took place after the whale held the tokens for more than 2.5 years. Moreover, the tokens were reportedly sold at a loss.

Also Read: Shiba Inu & Dogecoin Must Be in Your Portfolio in 2024: Here’s Why

Over the last 20 hours, half a trillion of Shiba Inu coins have been sold, all at a loss. Conversely, the 421.6 billion sale saw an average SHIB price of $0.000009437. Additionally, the tokens were first acquired in November of 2021, on HTX. Altogether, the report noted that the whale had lost more than $6.32 million on the sale.

Still, the asset is continuing to maneuver upward. Just last week, the asset came immensely close to finally eliminating a zero. Specifically, it traded at a $0.00000993 level, then slipped into a 6% decline for the rest of the week. Still, there remains optimism around the asset’s performance with the consistent efforts made by the development team. Indeed, burning mechanisms and constant network evolution have maintained faith in SHIB’s potential.