The global crypto market crash is creating panic among investors as significant cryptocurrencies, including Shiba Inu, have faced intense selling pressure since the start of this week. Consequently, the SHIB token’s value fell 26% in the past seven days as an unknown whale sold 9.47 trillion SHIB, worth $100 million, back into the market.
This development came at a time when the world’s biggest digital asset, Bitcoin, fell off after losing 30% of its value in the past week, which sent a terrible ripple effect to other significant cryptocurrencies in the market.
Hence, the unknown whale was responsible for pulling down the memecoin after selling a significant number of SHIB tokens.
Shiba Inu Whale’s Transaction Details
Etherscan.io reveals that the unknown SHIB whale caused a sharp SHIB slope as she offloaded 9.47 trillion SHIB, worth $100,046,191($100.0M), to two anonymous wallets through three separate transactions between June 9th and 10th.
On Thursday, June 9th, the unknown whale made two significant OUT transactions and sold the $99.67 million SHIB tokens to one of the anonymous wallets. In addition, the whale also made her third OUT transaction and sold only $373,313 worth of Shiba Inu to another random unknown wallet the next day.
As a result, such massive disposal from SHIB whales continues to pile up more pressure on the second most prominent dog-themed cryptocurrency in terms of market cap.