The post Shiba Inu (SHIB) Whale Makes $109M Profit on SHIB, Amid Price Drop appeared first on Coinpedia Fintech News
Shiba Inu (SHIB) is proving it’s more than just a meme coin, turning heads with an impressive 153.3% price increase over the past year. Recently a savvy Shiba Inu whale has reportedly sold 250 billion SHIB tokens worth $6.05 million in the past few hours, reflecting an overall profit of $109 million.
Early Investment Pays Off
According to Lookonchain, a blockchain analytics platform, the whale’s journey with SHIB began on August 6, 2020, when they invested a small $3,800 to buy a massive 15.28 trillion SHIB token.
However, this early investment proved to be a game-changer as SHIB’s value skyrocketed over time. At its peak, the whale’s holdings were worth $1.22 billion, marking one of the most profitable trades in the cryptocurrency market.
Even after selling a significant portion of its holdings, the whale still holds 2.15 trillion SHIB tokens, valued at $52.18 million. Meanwhile, the overall profits from this venture total an impressive $109 million.
Shiba Inu Price Update
Shiba Inu (SHIB) is facing mounting pressure, with its price experiencing a 5.57% drop in the past 24 hours. Currently trading around $0.0000241, its market cap stands at $14.1 billion. This recent downturn has raised concerns about SHIB’s short-term drop.
Technical indicators, such as the Bollinger Bands, suggest a potential price decline for SHIB in the short term. The lower band suggests that the token’s price could dip to $0.0000238, with a potential drop to around $0.0000228 as it seeks a local bottom.
Despite the ongoing decline, SHIB is approaching its critical 50 EMA level, which could act as a turning point. If the token finds support at $0.000024, it may attract renewed investor interest and stage a potential recovery.