Shiba Inu Whale Makes $109 Million Profit Amid SHIB Price Crash

Shiba Inu (SHIB) has come a long way from being a meme coin to a major player in the crypto world. With an impressive 153.3% price increase over the past year, SHIB continues to surprise investors and analysts.

Recently, a Shiba Inu whale made headlines by selling a huge chunk of tokens, yet still walked away with an astonishing $109 million profit. How?!

Read on for the full story.

Early Investment Pays Off

According to blockchain analytics platform Lookonchain, the whale’s journey began on August 6, 2020, with a small investment of $3,800 to buy 15.28 trillion SHIB tokens.

As SHIB’s price soared over time, the whale’s investment grew significantly. At its peak, their holdings were worth $1.22 billion, making it one of the most profitable trades in cryptocurrency.

Even after selling a large portion of its holdings, the whale still owns 2.15 trillion SHIB tokens, valued at $52.18 million. With total profits of $109 million from this venture, it highlights the power of early investments in Shiba Inu.

Shiba Inu Price Analysis

At the moment, Shiba Inu is experiencing pressure, with its price dropping 5.57% in the past 24 hours. Trading around $0.0000241, its market cap stands at $14.1 billion. This recent dip has raised concerns about SHIB’s performance in the short term.

Technical indicators, like the Bollinger Bands, suggest SHIB’s price might fall further in the short term. The lower band indicates the token could dip to $0.0000238, possibly reaching as low as $0.0000228 in search of a local bottom.

Watch Out for THIS Key Level

Despite the current decline, SHIB is approaching a key level — the 50 EMA (Exponential Moving Average). If SHIB finds support around $0.000024, it could attract renewed interest from investors and set the stage for a potential recovery.

While the whale’s journey offers a glimpse into the power of early investment, SHIB’s next move remains anyone’s guess in this volatile market.

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