As the meme coin market shows positive momentum today, a Shiba Inu whale is gaining attention for its trading strategy. Recent on-chain data indicates that a savvy whale sold up to 100 billion SHIB during the token bull market, securing substantial profits. This event has sparked speculation in the market about the future price trends of the cryptocurrency, with investors wondering if the token has more momentum.

Shiba Inu smart whale earns huge profits in the bull market

According to on-chain data from Etherscan on November 12, a savvy whale sold 100 billion coins worth $2.85 million to the cryptocurrency exchange Gemini during the Shiba Inu bull market to make a profit. According to the data, whale address 0xd6B made a significant transfer to the aforementioned cryptocurrency exchange and profited from it.

Notably, according to Lookonchain data, this whale spent $38,000 back in August 2020 to purchase 152.8 trillion SHIB, amounting to nearly $1.22 billion at the peak of meme coins. Additionally, after the sell-off, the same address still holds 25 trillion SHIB, worth $75.2 million, recording a profit of $123 million on the dog-themed meme cryptocurrency. It is worth noting that the existing holdings of this savvy whale indicate strong confidence in the market's potential for further increases in this asset.

Meanwhile, in another similar legendary story, meme coin whale 0xa145B was recorded selling 83.36 billion tokens worth $2.42 million to the cryptocurrency exchange giant Binance. However, even this whale still holds 373.26 billion tokens, worth $10.82 million, reinforcing optimism about the future trend of this token. Overall, the aforementioned trading strategies have ignited market optimism for the famous dog-themed meme token.

Is SHIB price expected to hit a new high?

It is noteworthy that with BTC recently hitting new highs and the cryptocurrency industry soaring unprecedentedly after the U.S. elections, the market sentiment for Shiba Inu reaching ATH is also prevalent across the industry. As of the time of writing, the SHIB price is $0.00002901, having risen nearly 16% in the past 24 hours. Additionally, as of this writing, the token's weekly increase totals 65%. Overall, driven by increased market interest in this asset, meme tokens are showing signs of a bull market.

Moreover, due to nearly 500 million tokens being burned yesterday, the Shiba Inu burn rate has also surged significantly. This positive indicator is consistent with the ongoing intraday price increase of the token.

Additionally, CoinGape Media's recent analysis of SHIB prices indicates that the momentum of this meme token is not over yet, and there is more room for upward movement. Given that the token maintains its upward momentum and breaks through the $0.000028 and $0.000046 thresholds, setting a new historical high is imminent. Following the release of the latest market statistics, cryptocurrency market enthusiasts continue to monitor whether the token will experience further bullish trends.