The Shiba Inu community is agog following the activity of a mega whale that stayed in hibernation for the past three and half years. The whale referred to only as “Super diamond trader” resurfaced to sell his asset at an astonishing price margin.
Shiba Inu Dormant Whale’s Astounding Return
As per Lookonchain report, “Super diamond trader” made an acquisition of 48.09 billion $SHIB on February 1, 2021. The mega whale at the time spent 2 $ETH ($2,625) to buy the total Shiba Inu tokens.
After being dormant for 3.5 years, the super diamond trader finally sold $SHIB at a profit.
He spent 2 $ETH($2,625) to buy 48.09B $SHIB on Feb 1, 2021, and sold it for 278.7 $ETH($1.1M) just now, a gain of 419x!https://t.co/Pw9i9wbKcn pic.twitter.com/Qvp9wKpWCc
— Lookonchain (@lookonchain) May 27, 2024
Notably, following the acquisition, the “Super diamond trader” went into hibernation and remained dormant despite the different bullish price swings witnessed over the years.
Crypto-Vanguard reported in April how an unidentified Shiba Inu whale transferred a massive 3 trillion SHIB to another anonymous wallet. On that occasion, the move surprisingly did not trigger any selloff trend in the market.
Monumental Sell-Off and Market Impact
The SHIB whale have now sold his 48.09 billion $SHIB for 278.7 ETH. This transaction equated to a notable profit of $1.1 million or an incredible 41,900% after just 42 months of dormancy.
The total Shiba Inu tokens were sold and sent to just one wallet “0x74de….016631”.
Market watchers say the acquirer is also a mega whale, adding further intrigue. This sell-off has ushered in an enormous SHIB liquidity into the market, slightly negating attempts to shrink the supply.
Notably, Shiba Inu periodically engage in burn activities to check token circulation. Earlier in May, over 26 million SHIB were sent to dead wallets within hours in an epic deflationary boost. The move spiked the Shiba Inu burn rate by more than 5803%.
As per CoinMarketCap data, Shiba Inu is trading at $0.00002574, up 5.74% in the past 24 hours. The transaction has not affected market sentiments negatively. Analysts say the resilience of Shiba Inu’s market, even after such a large-scale sell-off, points to the robustness of its community and the effectiveness of its deflationary strategies.
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