Shiba Inu (SHIB) has proven to be more than just a meme coin, with a price increase of 153.3% over the past year, which is remarkable. Reportedly, a savvy Shiba Inu whale sold 250 billion SHIB tokens worth $6.05 million in the past few hours, with total profits 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 amount of SHIB tokens worth $15.28 trillion.
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, making it one of the most profitable trades in the cryptocurrency market.
Even after selling most of its holdings, this whale still holds 215 trillion SHIB tokens, worth $52.18 million. Meanwhile, the total profit from this investment has reached $109 million.
Shiba Inu Price Update
Shiba Inu (SHIB) is facing increasing pressure, with its price dropping 5.57% in the past 24 hours. It is currently trading at approximately $0.0000241, with a market capitalization of $14.1 billion. The recent decline has raised concerns about SHIB's short-term drop.
Technical indicators like the Bollinger Bands suggest that the price of SHIB may decline in the short term. The lower Bollinger Band indicates that the token's price could drop to $0.0000238 and may fall to around $0.0000228 as it seeks a local bottom.
Despite the continuous decline of SHIB, it is approaching a critical 50 EMA level, which could become a turning point. If the token finds support at $0.000024, it may regain investor interest and achieve a potential recovery.
