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Shiba Inu (SHIB) has proven that it is more than just a meme coin, with its price surging 153.3% over the past year, attracting attention. It is reported that a savvy Shiba Inu whale recently sold 25 billion SHIB tokens within the past few hours, worth $6.05 million, with a total profit of $109 million.
Early Investment Pays Off
According to blockchain analytics platform Lookonchain, the whale's journey with SHIB began on August 6, 2020, when they invested $3,800 to purchase a staggering 152.8 trillion SHIB tokens.
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However, as the value of SHIB skyrocketed over time, this early investment ultimately changed the game. At its peak, the whale's holdings were worth $1.22 billion, making it one of the most profitable trades in the crypto market.
Even after selling off the majority of its holdings, the whale still holds 21.5 trillion SHIB tokens, worth $52.18 million. Meanwhile, the total profit from this investment has reached a staggering $109 million.
Shiba Inu Price Update
Shiba Inu (SHIB) is facing increasing pressure, with its price dropping 5.57% in the past 24 hours. The current trading price is around $0.0000241, with a market cap of $14.1 billion. The recent decline has raised concerns about a potential short-term downturn for SHIB.
Technical indicators like the Bollinger Bands suggest that SHIB's price may decline in the short term. The lower Bollinger Band indicates that the token's price could drop to around $0.0000238 and potentially reach $0.0000228 as it seeks a local bottom.
Despite the ongoing SHIB decline, the token is approaching a critical 50 EMA level, which could act as a turning point. If SHIB finds support at around $0.000024, it may regain investor interest and potentially see a recovery.
