U.Today

According to analytics account @Spotonchain, earlier today, two staggering amounts of Shiba Inu meme coins were sold.

This has happened as SHIB, the second most popular meme cryptocurrency, demonstrated a roughly 10% price decline, reacting to Bitcoin’s recent bearish trajectory, caused by the Fed Reserve’s statement and unmet expectations of crypto holders.

Early whale moves 400 billion SHIB to Gemini

The aforementioned source of on-chain data reported that an early holder of Shiba Inu, who had earned a whopping $108 million profit on SHIB, made another large deposit, moving an impressive 399.99 billion of this meme coin to the major U.S.-headquartered crypto exchange Gemini.

If sold, this amount of SHIB would bring the whale slightly under $10 million. The whale had purchased an astonishing 15.2 trillion SHIB on August 7, 2020, for just 10 ETH.

Now, this early whale owns two trillion Shiba Inu worth $48.54 million, equating to an estimated overall profit of $107.7 million—a 3.7x return from the initial SHIB investment made four years ago.

Whales selling SHIB as price plummets

Another analytics report indicated that SHIB whales appear to be liquidating all or at least large portions of their meme coin holdings as the SHIB price has faced a roughly 10% decline over the last 24 hours.

SHIB fell from $0.00002618 to $0.00002345. At present, this deep decline has been partially recovered, with SHIB increasing by a minor 2.64%.

Over the past 10 days, the popular meme cryptocurrency has lost more than 21%, plunging from $0.00003076 to $0.00002409, where it is trading as of writing.

Other sources indicate that whales have been sending their SHIB coins to exchanges, driving the price down. The SHIB price mirrors the recent bearish movement in Bitcoin, as BTC dropped approximately 5%, briefly crashing below the $100,000 level.

Following the recent announcement that the Federal Reserve will cut interest rates by 25 basis points rather than 100 in 2025, the crypto market experienced severe losses. As of now, Bitcoin has recovered somewhat, trading above $101,000 and nearing $102,000.

This article was originally published on U.Today.