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. It has been reported that a savvy Shiba Inu whale recently sold 250 billion SHIB tokens worth 6.05 million dollars, with a total profit of 109 million dollars.
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 dollars to purchase a massive amount of SHIB tokens worth 15.28 trillion dollars.
However, as SHIB's value skyrocketed over time, this early investment ultimately changed the game. At its peak, the whale's holdings were valued at 1.22 billion dollars, making it one of the most profitable trades in the cryptocurrency market.
Even after selling most of his holdings, this whale still holds 215 trillion SHIB tokens, worth 52.18 million dollars. Meanwhile, the total profit from this investment has reached 109 million dollars.
Shiba Inu Price Update
Shiba Inu (SHIB) is facing increasing pressure as its price has dropped by 5.57% in the past 24 hours. It is currently trading at approximately 0.0000241 dollars, with a market cap of 14.1 billion dollars. The recent decline has raised concerns about SHIB's short-term downturn.
Bollinger Bands and other technical indicators suggest that SHIB's price may decline in the short term. The lower Bollinger Band indicates that the token's price could drop to 0.0000238 dollars and possibly to around 0.0000228 dollars as it seeks a local bottom.
Despite the continuous decline of SHIB, it is approaching a key level of 50 EMA, which could become a turning point. If the token finds support at 0.000024 dollars, it may rekindle investor interest and achieve a potential recovery.