A well-known whale in the crypto market has recently made a significant move, selling off their holdings of Shiba Inu (SHIB) and Bone ShibaSwap (BONE) tokens and acquiring a massive amount of PEPE tokens. According to a report by Lookonchain, the whale sold 979,469 BONE tokens, equivalent to $1.44 million, at an average price of $1.47. Additionally, they transferred 142.98 billion SHIB tokens, worth $1.30 million, to a Binance-associated wallet. Following these transactions, the whale purchased 1.06 trillion PEPE tokens, valued at $1.27 million, in a single transaction.
The decision to divest from SHIB and BONE comes after technical issues were encountered during the launch of the Shibarium layer-2 blockchain. These issues resulted in approximately $1.7 million worth of ETH being locked in the Shibarium cross-chain bridge for several hours. Users within the SHIB community have expressed dissatisfaction with the non-functional RPC system, the poor blockchain explorer, and an overall sloppy user experience.
In response to these concerns, the Shibarium developers have released a statement explaining that the technical issues were due to unexpectedly high traffic volume during the network’s initial run. Unfortunately, these developments have had a significant impact on the prices of SHIB and BONE, resulting in a substantial decline. Currently, Shiba Inu is trading 15.75% lower at $0.000008412 compared to the previous seven days, while the BONE price has plummeted by 24.23% to $1.23.
On the other hand, the price of PEPE is currently at $0.000001107, reflecting a decrease of 10.98% over the past seven days. However, the token has witnessed a notable increase in trading volume within the last 24 hours, reaching $181,123,591, representing a significant rise of 40.77%.
This whale’s move to sell off SHIB and BONE tokens and acquire PEPE tokens has raised questions within the crypto community. The reasons behind this strategic shift remain unclear, but it highlights the volatility and ever-changing nature of the crypto market. Investors and traders will be closely monitoring the market to see how these token prices evolve in the coming days.
Please note that this news article is for informational purposes only and should not be considered as financial advice. Cryptocurrency investments are highly volatile and carry risks. It is essential to conduct thorough research and consult with a professional financial advisor before making any investment decisions.