- A SHIB whale sold 100 billion tokens worth $2.85 million.
- Shiba Inu has surged by 16.34% on daily charts and by 63.8% on weekly charts.
As a seasoned crypto investor with memories of the early days of Dogecoin and Bitcoin, witnessing Shiba Inu’s meteoric rise is both exhilarating and reminiscent of those halcyon days. The recent 100 billion token sale by a whale for a cool $2.85 million might seem alarming at first glance, but upon closer inspection, it reveals a market in robust health.
For the last four weeks, Shiba Inu (SHIB) has been consistently rising, with impressive growth visible in its price graphs due to its significant price increases.
The significant increases experienced by SHIB have allowed it to regain the price points last seen in March, marking a new 9-month high. This upward trend signifies enhanced profitability, particularly for those who have held onto their investments over the long term.
Therefore, many earlier investors have taken this opportunity to make profits.
Whale offloads 100 billion SHIB
As reported by Lookonchain, a prominent investor (often referred to as a “whale”) in the Shiba Inu cryptocurrency has offloaded approximately 100 billion SHIB tokens, equating to a value of around $2.85 million.
Remarkably, this whale purchased approximately 15.28 trillion SHIB tokens for around $3,800 back in August 2020. After a recent sale, the whale now owns roughly 2.5 trillion tokens, which are worth about $75.2 million at the current price.
In contrast to typical market behavior where a whale’s sale often leads to a decrease in price, this recent transaction appears to have been balanced out by other whales who are currently buying up more assets as they join retail and shark investors in increased purchasing activity.
It’s clear that the big spenders (whales) in the Shiba Inu community have been active recently, as their activity has peaked for this month. Consequently, large transactions have surged back to levels last seen in August, increasing from 45 to about 1,120 over the past three months.
Therefore, whales are also actively accumulating, thus strengthening the memecoin’s fundamentals.
Market participants such as individual investors (retail traders) and experienced professionals (sharks) are both quite lively in the current market scenario. This activity level is backed up by an increase in active accounts, which has peaked recently, reaching a height not seen for nearly nine months.
As reported by CryptoQuant, the number of active Shiba Inu addresses stood at approximately 16,500 at the current moment, marking the first instance since March 2024.
How about price charts?
This large investor, often referred to as a “whale,” has chosen to sell some of their cryptocurrency holdings in order to realize the profits they’ve made from recent market increases. Such transactions can significantly influence the price trends in any given crypto market.
With a surging MVRM (MVRV long/short ratio) climbing up to 3.55% in the last week, it seems like now could be an opportune time for investors to cash in on their profits, given the ongoing price surge.
It indicates that a majority of those who have held onto this memecoin for a while are currently making a profit, while they’re also optimistic about its potential worth in the future.
Consequently, the memecoin’s price charts haven’t shown any negative effects from this transaction. Instead, SHIB has been experiencing a surge in value.
At this moment, the value of Shiba Inu was being transacted at approximately 0.00002893 dollars per token. This represented a significant surge of 16.34% over the past day. Interestingly, over the last week and month, the memecoin has shown substantial growth, rising by 63.84% and 62.78% respectively on its charts.
Read Shiba Inu’s [SHIB] Price Prediction 2024–2025
It’s evident that the meme coin is witnessing robust bullish trends under advantageous market circumstances. Moreover, increased whale involvement and active user addresses suggest a promising outlook for price growth in SHIB.
If these conditions are maintained, SHIB can soon reach $0.00003.
Read More
- GBP EUR PREDICTION
- SEI PREDICTION. SEI cryptocurrency
- HBAR PREDICTION. HBAR cryptocurrency
- CNY RUB PREDICTION
- TRB PREDICTION. TRB cryptocurrency
- CTXC PREDICTION. CTXC cryptocurrency
- INJ PREDICTION. INJ cryptocurrency
- HOOK PREDICTION. HOOK cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- USD CHF PREDICTION
2024-11-13 02:15