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Is this whale triggering a SHIB sell-off?

Once before, the mystery wallet moved large amounts of the SHIB token to various crypto exchanges, after which the Memecoin's price collapsed shortly thereafter.

By Mike Hesp
• 1 min read
Is this whale triggering a SHIB sell-off?

Once before, the mystery wallet moved large amounts of the SHIB token to various crypto exchanges, after which the Memecoin's price collapsed shortly thereafter.

As data from analytics firm Lookonchain shows, a Shiba Inu whale moved about 182 billion SHIB tokens from the Memecoin to the Gemini and Crypto.com exchanges on Monday, February 27.

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The action points to a SHIB sell-off. Three months ago, the wallet sent 200 billion Memecoin tokens to crypto exchanges and sold them on the platforms, sending the price down seven percent.

Additionally, the wallet is still holding large amounts of the Memecoin according to Etherscan. There are currently about 3.1 quadrillion tokens, worth roughly 40 million USD.

On-chain data also shows that the investor received the tokens in August 2020. At that time, he paid only 3,000 USD for them. The whale now appears to be turning that windfall into a sequence of sells.

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