Shiba Inu (SHIB), a cryptocurrency that experienced a remarkable surge of over 250% in recent weeks, is now facing a notable price decline, with a 7% decrease today and a 20% drop over the week, ultimately closing below the $0.00003 mark.
This downturn has raised concerns among investors about potential sell-offs, particularly as it coincides with a significant increase in SHIB transfers to exchanges, facilitated by a whale wallet.
According to data from spotonchain, a savvy trader recently deposited a substantial amount of SHIB, totaling 1.24 trillion tokens, equivalent to $35.16 million, onto platforms like Binance and Gate.io.
If indeed selling, this trader stands to realize a profit of $23.5 million, representing a significant gain of 146%.
This smart trader deposited all 1.24T $SHIB ($35.16M) to #Binance and #Gate.io 16hrs ago, realizing $23.5M (+146%) if truly selling!
Notably, the trader just realized $46.53M in profits from $FLOKI and #BIGTIME on Mar 9 and 10.
Overall, our system has detected 3 smart traders,… https://t.co/uG51ZLQuTf pic.twitter.com/pZkcDa2d2I
— Spot On Chain (@spotonchain) March 16, 2024
Trader Already Recorded Notable Former Profits
Interestingly, this trader had previously capitalized on profits from other cryptocurrencies, such as FLOKI and BIGTIME, earning $46.53 million between March 9th and 10th. The actions of this trader, along with two others identified by the system, including MakerDAO founder Rune Christensen, indicate a trend of profit-taking among SHIB investors in the past week.
The impact of these profit-taking activities is evident in SHIB’s price performance, which has declined by 22% over the past seven days. This downward trend reflects a shift in sentiment among investors, with growing concerns about the sustainability of SHIB’s recent price rally and the potential for further market corrections.
As the cryptocurrency market continues to navigate through periods of volatility and uncertainty, investors are advised to exercise caution and closely monitor developments in SHIB and other digital assets. The current landscape underscores the importance of diligent research and risk management strategies to navigate the evolving dynamics of the cryptocurrency market.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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