Shiba Inu (SHIB) whale profits $109 million during SHIB price drop
Story Highlights
A savvy 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 dropped to $0.0000241, raising concerns about its short-term performance.
Shiba Inu (SHIB) proves it is more than just a meme coin, with a remarkable price increase of 153.3% over the past year. Reportedly, a savvy Shiba Inu whale recently sold 250 billion SHIB tokens worth $6.05 million in just a few hours, netting a total profit of $109 million.
Early investments pay off
According to blockchain analytics platform Lookonchain, the whale's journey with SHIB began on August 6, 2020, when they invested $3,800 to buy a staggering 15.28 trillion SHIB tokens.
However, as SHIB's value soared over time, this early investment ended up being a game changer. At its peak, the whale's holdings were valued at $1.22 billion, making it 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 worth $52.18 million. Meanwhile, the total profit from this investment reached $109 million.
Shiba Inu price update
Shiba Inu (SHIB) is facing increasing pressure, with its price dropping 5.57% in the last 24 hours. It is currently trading at around $0.0000241, with a market capitalization of $14.1 billion. The recent decline has raised concerns about SHIB's short-term downturn.
Technical indicators such as Bollinger Bands 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 and possibly around $0.0000228 as it seeks a local bottom.
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