The recent crash has left many investors in a state of panic and uncertainty. However, and like most cases, the ultra-wealthy often have a way of pushing things around to their benefit. According to Etherescan.io, a mysterious whale seems to have dumped nearly 10 Trillion Shiba Inu (SHIB) tokens, just before the recent market crash that left most people dumfounded.
According to Etherscan.io, the mystery SHIB whale is to blame for the sudden drop in SHIB prices after it sold a staggering 9.47 trillion SHIB, worth a whopping $100,046,191. This was done over three transactions, to two unknown wallets. On June 9th, the enigmatic SHIB whale executed two massive OUT transactions and sold $99.67 million worth of the popular crypto. Then on 10th June, the same whale sold $373,313 worth of Shiba Inu to a different, but also unknown wallet.
Since Monday, there has been a lot of selling pressure on Shiba Inu (SHIB) and other significant cryptocurrencies. The mysterious whale played a pivotal part in dragging the value of the popular altcoin of 2021. The largest cryptocurrency in the world by market capitalization, Bitcoin (BTC), witnessed a massive selloff in the global crypto market, causing mass panic among many investors. BTC lost about 30% of its value in the previous week, which could have catastrophic repercussions on the whole crypto market.
SHIB is one of the most popular crypto tokens out there. As previously reported, many Ethereum whales are still holding on to their SHIB token, even after a significant drop in value. It can be speculated that the whales are anticipating a pump after the launch of SHIB’s layer-2 network, called Shibarium. Although a fixed launch date has not been revealed, per reports, it should happen sometime this year.
At press time SHIB was trading at $0.000008320572, up by 6.3% in the 24-hour chart, but down by 21.6% in the weekly chart.