This has happened as the second most popular in the market meme cryptocurrency, SHIB, has demonstrated a roughly 10% price decline as it reacted to Bitcoin’s recent bearish trajectory caused by the Fed Reserve’s statement and the unfulfilled expectations of crypto holders.
That whale purchased a jaw-dropping amount of SHIB on Aug. 7, 2020 – 15.2 trillion – for just 10 ETH.
This early whale now owns two trillion Shiba Inu worth $48.54 million, which constitutes an estimated overall profit of $107.7 million – that is, a 3.7x return from their initial SHIB investment made four years ago.
SHIB went from $0.00002618 down to the $0.00002345 level. By now, this deep decline has been partially recovered as SHIB has increased by a minor 2.64%.
Over the past 10 days, the popular meme cryptocurrency has lost more than 21%, plunging from $0.00003076 to $0.00002409, where it is changing hands at writing time.
Other sources also show that whales have been sending their SHIB coins to exchanges, pushing the price down. The SHIB price mirrors the recent bearish move in the Bitcoin price, as BTC dropped by approximately 5%, briefly crashing below the $100,000 level.
Following the recent announcement that the Federal Reserve will cut interest rates by 25 basis points rather than 100 in 2025, the crypto market took a severe beating. By now, the largest cryptocurrency, BTC, has recovered a little, again trading above $101,000 and coming close to topping $102,000.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
