by Jonathan Agozie 
A crypto whale is facing a paper loss of $178,000 after transferring over $2 million worth of SHIB into Coinbase.
According to a recent post from on-chain analyst Data Nerd, there has been significant activity from a crypto whale involving the token Shiba Inu (SHIB). The whale, identified by the wallet address 0x46247fBB0c26eB926dF74791d2B24037CeBCB5E8, has been engaging in notable trades that could test market liquidity.
7 hours ago, a whale 0x462 just deposited 100B $SHIB (~$2.24M) to #Coinbase.
Within a week, he accumulated those tokens with avg entry $0.00002408.
If sold at current price, he will have a small loss ~$178k.His address:https://t.co/NrkJwBbVb1 pic.twitter.com/cAJ7FZdRXg
— The Data Nerd (@OnchainDataNerd) May 13, 2024
The on-chain analyst also noted that the whale accumulated the Shiba Inu tokens over the week at an average price of $0.00002408. Notably, if the whale sells the holding at current market prices, he will suffer a loss of up to $178,000.
According to data from Arkham Intelligence, this individual holds other assets such as Ethereum, but most of their recent transactions have involved SHIB. In the past seven days, the whale has accumulated over 100 million Shiba Inu tokens. This occurred through transactions on May 5, 6, and 7, during which the individual acquired 23.442 billion, 44.885 billion, and 32.109 billion of SHIB, respectively.
SHIB Transactions Surge Despite Market Downturn
Today, the total cryptocurrency market cap dropped by 0.66% in the past 24 hours to $2.24 trillion. The prices of leading cryptocurrencies like Bitcoin and Ethereum have also decreased significantly.
Based on the data from CoinMarketCap, Bitcoin (BTC) and Ethereum (ETH) are currently trading at $61,000 and $2,900 respectively at the time of writing. As a result, the overall sentiment in the crypto market indicates a period of investor uncertainty.
However, despite the state of the market, SHIB whales are carrying out significant transactions. The overall market conditions for SHIB have been somewhat mixed. The SHIB community has been discussing the impact of its recent addition to Coinbase on the token’s price amid mixed market conditions.
Similarly, On May 2, a report from CryptocurrenciesToWatch revealed another whale transaction that sparked discussion across the SHIB ecosystem. The whale was facing a paper loss of $560,000 after transferring over $2 million worth of SHIB into Coinbase earlier this month. “The whale, identified by the wallet address 0x9f55…, has been engaging in notable trades that could test market liquidity,” CTW reported.
