A SHIB whale sold 100 billion tokens worth $2.85 million.
Shiba Inu has surged by 16.34% on daily charts and by 63.8% on weekly charts.
Over the past month, Shiba Inu [SHIB] experienced a sustained uptrend, as the memecoin had seen exponential gains on its price charts.
These gains have pushed SHIB to reclaim March levels, which hit a 9-month high as a result. With the rise in prices, it means increased profitability, especially for long-term holders.
Therefore, many earlier investors have taken this opportunity to make profits.
Whale offloads 100 billion SHIB
According to Lookonchain, A smart Shiba Inu whale has sold 100 billion SHIB tokens, worth $2.85 million.
Notably, this whale spent $3.8k to buy 15.28 Trillion SHIB tokens as early as August 2020. With the recent sale, the whale now holds 2.5 trillion tokens, worth $75.2 million at press time.
Although the market usually expects the price to decline when a whale decides to offload, it seems that this transaction has been absorbed by other whales who are actively accumulating amid increased retail and shark participation.
This is evidenced by the fact that Shiba Inu’s whale activity has reached a monthly high. As such, large transactions have hiked to reclaim August levels, reaching 1.12k from 45 transactions three months ago.
Therefore, whales are also actively accumulating, thus strengthening the memecoin’s fundamentals.
Retail traders and sharks are also very active in the market. This is supported by rising active addresses, which have spiked to hit a 9-month high.
According to CryptoQuant data, Shiba Inu’s active addresses were sitting at 16.5k at press time — the first time since March 2024.
How about price charts?
While whale offloading has a massive impact on any crypto’s price charts, this whale has sold to maximize profit with recent gains.
The current price rally gives room for profit-taking. This is suggested by a rising MVRV long/short difference, which has spiked over the past week to 3.55%.
This shows that most long-term holders are in profit, but also confident in the memecoin’s future value.
Therefore, this transaction is yet to have any negative impact on the memecoin’s price charts. On the contrary, SHIB is soaring.
In fact, at press time, Shiba Inu was trading at $0.00002893. This marked a 16.34% increase in 24 hours. Also, the memecoin has gained on weekly and monthly charts by 63.84% and 62.78% respectively.
⚠️Disclaimer
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