Shiba Inu (SHIB), the meme coin sensation, is facing a setback as a significant whale unloads a whopping 533.6 billion SHIB tokens. Speculated to be controlled by a single individual across 11 wallets, this massive sell-off, totaling $15.99 million in DAI, occurred just 24 hours ago. Spot On Chain, a blockchain analytics firm, highlighted the seller's impressive $8.24 million profit, marking a staggering 106% gain in less than a month. While this sell-off signals a downturn for SHIB, it's worth noting the substantial profit garnered by the whale.
The SHIB community is now speculating about the seller's next move, especially since the 11 wallets still hold the acquired DAI. Many wonder which token or tokens will capture the attention of this significant market player next, highlighting the market's inherent volatility and unpredictability.
As a result of this hefty transaction, SHIB's recent rally has slowed down.
Despite a marginal 0.21% increase in the last 24 hours, bringing SHIB's price to $0.00003033, overall market sentiment has cooled. Major indicators confirm this sentiment, with SHIB's 24-hour trading volume plunging by 32.27% to $550.84 million.
Additionally, CoinGlass data shows a 1.51% decrease in Shiba Inu's open interest over the same period, currently at $107.40 million. This decline suggests waning trading enthusiasm and a potential shift in trader strategy for Shiba Inu.
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