TLDR
Smart whale sold 100B SHIB for $2.85M profit but retains 2.5T tokens
Initial investment of $3.8K in 2020 grew to potential $1.22B at peak
SHIB price up 16% in 24 hours, 65% weekly gain
Another whale sold 83.36B SHIB but keeps 373.26B tokens
Burn rate increased with nearly half a billion coins destroyed
A prominent Shiba Inu (SHIB) whale has captured market attention by converting an early $3,800 investment into millions during the token’s recent price surge.
On-chain data reveals the strategic sale of 100 billion SHIB tokens, worth approximately $2.85 million, to cryptocurrency exchange Gemini on November 12.
The whale, identified by the address 0xd6B, originally purchased 15.28 trillion SHIB tokens in August 2020. At the token’s peak, this position was valued at nearly $1.22 billion, showcasing the remarkable growth potential of early cryptocurrency investments.
Despite the large sale, the whale maintains a substantial position of 2.5 trillion SHIB tokens, currently valued at $75.2 million. This continued holding suggests ongoing confidence in the token’s future price movement potential.
The market has witnessed additional whale activity, with another large holder at address 0xa145B selling 83.36 billion SHIB tokens worth $2.42 million on Binance. This second whale still holds 373.26 billion tokens, valued at approximately $10.82 million.
SHIB’s price performance has been notably strong, with a 16% increase over the past 24 hours, bringing the token’s value to $0.00002901. The weekly gains have been even more impressive, totaling 65% at the time of reporting.
The token’s burn rate has shown a marked increase, with nearly half a billion coins being removed from circulation. Token burning reduces the total supply, which can impact the token’s economics and price dynamics.
Shiba Inu Price on CoinGecko
Market data indicates sustained buying pressure across major exchanges, with trading volumes showing consistent growth during the upward price movement. The token’s price action has maintained momentum above key support levels.
Technical indicators suggest the potential for continued upward movement, with immediate resistance levels identified at $0.000028 and $0.000046. These price points represent key areas of interest for traders and investors monitoring SHIB’s progress.
The recent price action coincides with broader cryptocurrency market strength following the U.S. elections. Bitcoin’s performance has created positive sentiment across the entire digital asset sector, including meme tokens like SHIB.
Trading activity has increased across both centralized and decentralized exchanges, indicating growing market participation. Order book data shows balanced distribution between buying and selling pressure.
On-chain metrics reveal increased wallet activity, with both new and existing holders adjusting their positions during this period of price appreciation. The number of active addresses has shown an uptick corresponding with the price movement.
The token’s market capitalization has expanded in line with the price increase, reflecting growing market interest and participation. Trading pairs across various exchanges show consistent volume distribution.
Exchange inflow and outflow data indicates a mix of profit-taking and new position establishment, suggesting dynamic market participation from various trader categories.
The recent whale transactions have not disrupted the overall market structure, as evidenced by the continued price stability and upward momentum. Order book depth remains healthy across major trading venues.
Current market data shows sustained trading activity with balanced participation across different geographical regions and time zones. Price action remains supported by consistent volume levels across multiple exchanges.
The post Shiba Inu (SHIB) Makes Headlines as Whale Books Multi-Million Dollar Profit During 65% Weekly Rally appeared first on Blockonomi.
