Shiba Inu (SHIB) Whale Makes $109M Profit on SHIB, Amid Price Drop
Shiba Inu (SHIB) is proving that it is more than just a meme coin, with a remarkable 153.3% price increase over the past year. Recently, it was reported that a savvy Shiba Inu whale sold 250 billion SHIB tokens worth $6.05 million in the past few hours for a total profit of $109 million.
Early investment pays off
According to data from blockchain analytics platform Lookonchain, the whales’ journey with SHIB began on August 6, 2020, when they invested $3,800 to purchase the massive $15.28 trillion SHIB token.
https://twitter.com/lookonchain/status/1869602660137283964
However, this early investment proved to be a game-changer as SHIB’s value soared over time. At its peak, whale holdings were worth $1.22 billion, making it one of the most profitable trades in the cryptocurrency market.
Even after selling most of their shares, whales still hold 2.15 trillion SHIB tokens worth $52.18 million. Meanwhile, the joint venture’s total profits were an impressive $109 million.
Shiba Inu Price Update
Shiba Inu (SHIB) Faces Increasing Pressure on Prices Experienced 5.57% dropped in the past 24 hours. Currently trading at around $0.0000241, its market capitalization is $14.1 billion. The recent downturn has raised concerns about a short-term decline in SHIB.
Technical indicators such as Bollinger Bands suggest that SHIB price may decline in the short term. The lower frequency band indicates The price of the token may fall to $0.0000238, with a possible drop to around $0.0000228 as a local bottom is sought.
Despite the continued decline, SHIB remains close to its key 50 EMA level, which could serve as a turning point. If the coin finds support at $0.000024, it could regain investor interest and see a potential recovery.
