Shiba Inu (SHIB) Price Drops By 7% After Huge Whale Transaction

• A whale has recently transferred 200 billion Shiba Inu.
• It could be a good idea for traders to keep an eye on this particular whale.
• SHIB is currently trading at $0.000008396 after a 2.49% drop in price.

Lookonchain took to Twitter early on December 20 to announce that a whale has recently transferred 200 billion Shiba Inu (SHIB), which is worth about $1.67 million, to Crypto.com. A few hours after this, the price of the meme coin dropped by 7%.

The whale bought 15.28 trillion SHIB with 10 ETH on August 7 of 2022. They then made 1,967 ETH by selling and buying SHIB on Uniswap.

The person then started trading SHIB on CEX when the token was listed on exchanges like Binance and Crypto.com. This whale makes it a priority to buy SHIB when the price of the meme coin is low and to sell it when the price is high. This person also still holds about 3,33 trillion SHIB.

Lookonchain concluded the post by stating that it could be a good idea to keep an eye on this whale and even added that people can short SHIB the next time the whale transfers a large amount for SHIB.

CoinMarketCap indicates that SHIB is currently trading at $0.000008396 after a 2.49% drop in price over the last 24 hours, and after reaching a low of $0.000008059 over the same time period. The meme coin is also still in the red by more than 4% over the last week.

In addition to this, SHIB also weakened against Bitcoin (BTC) and Ethereum (ETH) by about 2.89% and 4.60% throughout the last day. With its market cap of $4,607,563,295, SHIB is currently the 15th biggest crypto.

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