Significant Shiba Inu Transaction Raises Questions and Concerns in Cryptocurrency Market

Shiba Inu whale profits big: Sells 250 billion SHIB for $6 million gain

A significant transaction involving a massive sale of Shiba Inu (SHIB) has recently taken place, with the seller pocketing an impressive $6 million in profit. According to data from Lookonchain, a SHIB whale sold a staggering 250 billion SHIB tokens.

This colossal transaction is likely to raise questions about the motivations behind such a massive sale, particularly given the recent price correction of over 9% in the last 24 hours alone. As things stand, the token’s value has fallen from $0.00002759 to $0.00002202.

It is worth noting that this whale investor spent approximately $3,800 on acquiring 15.28 trillion SHIB tokens back in August 2020. This investment then reached a peak valuation of over $1.22 billion at its height. The significant profit made by the whale serves as a stark contrast to the unfortunate reality faced by many other investors who have seen their investments decline in value.

As it turns out, this particular whale investor currently holds an impressive 2.15 trillion SHIB tokens worth roughly $52 million. This translates to a total profit of around $109 million for this individual investor.

In related news, AMBCrypto reported just days ago that large transactions involving SHIB have seen a remarkable surge by 41% in recent times. While it is difficult to make any definitive statements about the implications of such activity, one thing is clear: this whale’s massive profit serves as a cautionary tale for other investors who are holding onto their SHIB tokens in hopes of recouping their losses.

Despite the current price correction, some data suggests that buying pressure on SHIB may be increasing. This could potentially signal a trend reversal and pave the way for an upward movement in its value.

For instance, trading volume has seen a significant surge while supply outside of exchanges rose over the past week. Furthermore, the NVT ratio (a metric used to gauge market sentiment) reveals that the memecoin is currently undervalued.

Source: eng.ambcrypto.com