Shiba Inu Whale Moves $2.3M Worth of Meme Coins On-Chain Analyst Sounds Alarm As History Shows Price Drops Of 7%

A Shiba Inu SHIB/USD whale made a huge transfer of a whopping $2.3 million to two cryptocurrencyexchanges.

What Happened: According to on-chain data provider Lookonchain, a Smart Money whale sent 182 billion SHIB, the equivalent of about $2.3 million, to two crypto exchanges Crypto.com and Gemini.

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A SmartMoney we shared before transferred 182B $SHIB ($2.3M) to #Cryptocom and #Gemini just now.

The last time he transferred $SHIB to #Cryptocom dropped the price of $SHIB by 7%.

Join our telegram group to received alerts.https://t.co/BslhSwNjdNhttps://t.co/V07ik5oRJB https://t.co/oIkhSb5Qlo pic.twitter.com/GFhRQQO6YI Lookonchain (@lookonchain) February 27, 2023

Lookonchain noted that when thewhale transferred a large volume of SHIB to Crypto.com in mid-December 2022, the price of SHIB dropped by 7%. The whale had transferred 200 billion SHIB worth $1.67 million to the Singapore-based exchange and within five hours of the transaction, the price had dropped significantly.

As the on-chain data provider reports, Smart Money bought 15.28 trillion SHIB on Aug.7, 2020, for just 10 Ethereum ETH/USD . This equated to a purchase price of $3,796. Then, using Uniswap, the whale managed to generate returns of 1,967 ETH, representing a whopping $7 million in profit.

Price Action: At the time of writing,SHIBwas trading at $0.000012, up 2% in the last 24 hours, according to Benzinga Pro data.

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