Who is Selling Billions of SHIB and BONE to Buy PEPE?

A whale divested from Shiba Inu (SHIB) and Bone ShibaSwap (BONE) and acquired 1.7 trillion PEPE tokens.

Lookonchain, a renowned blockchain activity tracking service, recently published a report revealing that a whale has acquired a staggering 1.07 trillion PEPE tokens, valued at $1.28 million, after selling all their holdings of Shiba Inu (SHIB) and Bone ShibaSwap (BONE).

According to Lookonchain, the whale sold 979,469 Bone ShibaSwap (BONE) tokens, totaling $1.44 million (equivalent to 787 ETH), at an average price of $1.47.

Furthermore, the whale transferred 142.98 billion SHIB tokens, worth $1.30 million, to one of the Binance-associated wallets, specifically tagged as Binance 14, in a single transaction on Aug. 17.

Shortly after, the whale made a significant purchase of 1.06 trillion PEPE tokens, valued at $1.27 million, in a single transaction.

The decision to sell Shiba Inu Ecosystem’s tokens, SHIB and BONE, follows technical difficulties encountered during the recent launch of the Shibarium layer-2 blockchain. These issues resulted in approximately $1.7 million worth of ETH being locked in the Shibarium cross-chain bridge for several hours.

Additionally, users have expressed dissatisfaction with a “non-functional” RPC (remote procedure call) system, an “awful” blockchain explorer, and an overall “sloppy” user experience within the SHIB community.

In response to the ongoing concerns, the Shibarium developers have released a statement providing further clarification on the events surrounding the launch of Shibarium. They have attributed the network’s technical issues during its initial run to an unexpectedly high traffic volume.

These unforeseen developments have significantly impacted the prices of SHIB and BONE, resulting in a substantial decline. At the time of writing, Shiba Inu is trading 15.75% lower at $0.000008412 compared to the previous seven days, while the BONE price has plummeted by 24.23% to $1.23.

On the other hand, PEPE is currently trading at $0.000001107, reflecting a decrease of -10.98% over the past seven days. The token has witnessed a 24-hour trading volume of $181,123,591, indicating a notable increase of 40.77% within the last 24 hours.