Shiba Inu (SHIB) whale profits $109 million during SHIB price drop
Story Highlights
A shrewd SHIB investor recently sold 250 billion tokens, turning $3,800 into $109 million.
During the period when the token price reached an all-time high, the whale's early investment in SHIB grew to $1.22 billion.
The price of Shiba Inu has dropped to $0.0000241, raising concerns about its short-term performance.
Shiba Inu (SHIB) proves it is not just a meme coin, with a price increase of 153.3% over the past year, making headlines. Reportedly, a recent savvy Shiba Inu whale sold 250 billion SHIB tokens worth $6.05 million in the past few hours, totaling a profit of $109 million.
Early investment pays off
According to blockchain analysis platform Lookonchain, the whale's journey with SHIB began on August 6, 2020, when they invested $3,800 to purchase a massive $15.28 trillion worth of SHIB tokens.
However, as SHIB's value skyrocketed over time, this early investment ultimately changed the game. At its peak, the whale's holdings were worth $1.22 billion, becoming one of the most profitable trades in the cryptocurrency market.
Even after selling off most of its holdings, the whale still holds 215 trillion SHIB tokens valued at $52.18 million. Meanwhile, the total profit from this investment amounts to $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 approximately $0.0000241, with a market capitalization of $14.1 billion. The recent drop has raised concerns about SHIB's short-term decline.
Technical indicators, such as Bollinger Bands, suggest that SHIB's price may drop in the short term. The lower Bollinger Band indicates that the token's price could fall to $0.0000238 and possibly around $0.0000228 as it seeks a local bottom.
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