The post Shiba Inu Whale Makes $123 Million Profit After SHIB Soars 67% in Just One Week! appeared first on Coinpedia Fintech News
Shiba Inu (SHIB) is on fire! After a massive 67% surge in just seven days, SHIB shows no signs of slowing down. This rally has captured the attention of a SHIB whale, who recently sold 100 billion SHIB tokens for a profit of $2.85 million. Remarkably, this massive move brings the whale’s total profit to an astonishing $123 million, all from an initial investment of just $3.8K
SHIB Whale Trun $3,800 into $123 Million
According to Lookonchain, an on-chain analytical platform in August 2020, the whale made a bold decision to invest just $3,800 to buy a massive 15.28 trillion SHIB token. At the time, SHIB was not nearly as popular as it is today, and the whale took a significant risk.
However, that gamble paid off as SHIB skyrocketed in value over time. By the peak of its price, the 15.28 trillion tokens were worth around $1.22 billion a huge return on a relatively small initial investment.
Today, the whale still holds 2.5 trillion SHIB tokens, which are valued at about $75.2 million. After selling 100 billion SHIB for a profit of $2.85 million, the whale has now made a total profit of $123 million from their original SHIB investment.
Timing is Key!!!
This smart move shows how timing can play a crucial role in the cryptocurrency world. While meme coins like SHIB are known for their volatility, early investors have been able to make impressive profits.
The whale’s ability to sell at the right moment allowed them to cash out while still holding a large portion of their investment.
Looking Ahead: Will SHIB Continue Its Bull Run?
Looking at the technical aspect the Relative Strength Index (RSI) for SHIB is currently at 68.00, approaching the overbought zone. Another key indicator supporting SHIB’s bullish outlook is the 50-day Exponential Moving Average (50 EMA), which continues to move upwards.
In the past week, SHIB has surged by an impressive 67%, trading around $0.000029. This surge has helped elevate SHIB’s market cap to a significant $17.25 billion, cementing its position as one of the top meme coins in the market.
Looking at SHIB’s price chart, immediate support is seen at $0.00003036. This level could act as a floor, preventing further declines in the token’s price.
On the other hand, the key resistance level for SHIB is at $0.00003305. If SHIB manages to break through this resistance, there is potential for the price to climb further, possibly reaching $0.000040.