Today, significant SHIB sales were reported, coinciding with a 10% price drop triggered by the Fed Reserve's recent statement.
Early Whale Moves: 400 Billion SHIB to Gemini
An owner of large SHIB reserves, who made a $108 million profit, moved 399.99 billion SHIB to the major U.S. exchange Gemini. This deal might yield about $10 million for the whale. In August 2020, the same whale purchased 15.2 trillion SHIB for just 10 ETH.
Whales Selling SHIB as Price Drops
Other analytical reports indicate that SHIB whales are actively selling their assets as the price has dropped by 10%. SHIB's value decreased from $0.00002618 to $0.00002345, but it has partially recovered by 2.64%. Over the last 10 days, SHIB has lost more than 21% of its value.
Overall Crypto Market Trend
SHIB’s recent price trend mirrors Bitcoin's bearish move, which fell by 5%. The market was influenced by the Fed Reserve cutting interest rates by only 25 basis points instead of the expected 100. BTC has slightly rebounded and is trading just above $101,000.
Whale activities and recent market shocks have significantly impacted SHIB's value, highlighting the meme coin's volatility amid macroeconomic events.
