Amid a positive momentum noted in the meme coin market today, a Shiba Inu whale garnered significant attention with his trading strategies. Recent on-chain data indicated that a smart whale sold a whopping 100 billion SHIB amid the coin’s bull run to make a remarkable profit. This saga has sparked market speculations surrounding the crypto’s future price movements, with investors speculating whether the token has more steam left.
Shiba Inu Smart Whale Makes Massive Profits Amid Bull Run
As per on-chain data from Etherscan dated November 12, a smart whale sold 100 billion coins, worth $2.85 million, to the crypto exchange Gemini to make profits amid Shiba Inu’s bull run. According to data, the whale address 0xd6B made a massive transfer to the mentioned crypto exchange, making a profit.
Notably, per Lookonchain data, this whale spent $3.8K to purchase 15.28 trillion SHIB as early as August 2020, which totaled nearly $1.22 billion at the meme coin’s peak. Further, after all, selloffs, the same address still held 2.5 trillion coins, worth $75. 2 million, boasting a profit record of $123 million on the dog-themed meme crypto. Notably, the smart whale’s existing holding indicates a sense of market confidence in the asset’s potential to pump further.
Simultaneously, in another similar saga, the meme coin whale 0xa145B was recorded selling 83.36 billion coins worth $2.42 million to the crypto exchange giant Binance. However, even this whale still holds 373.26 billion coins, worth $10.82 million, solidifying optimism on the token’s future movements. Overall, the abovementioned trade strategies have ignited a torrent of market optimism for the renowned dog-themed meme token.
SHIB Price Eyes New ATH?
Notably, in the wake of BTC hitting a new ATH recently, market sentiments of Shiba Inu to ATH also prevail across the broader industry as the cryptocurrency sector soars unprecedentedly post-U.S. elections. SHIB price traded at $0.00002901 at press time, up nearly 16% in the past 24 hours. Further, the coin’s weekly gains totaled 65% at the time of reporting. Overall, the meme coin shows signs of a bull run, driven by increased market interest in the asset.
Also, the Shiba Inu burn rate soared whoppingly yesterday due to nearly half a billion coins being destroyed. This bullish metric further aligns with the token’s sustained intraday price upswing.
Additionally, a recent SHIB price analysis by CoinGape Media indicated that the meme coin’s rally isn’t over yet, with more pumps in the pipeline. Given the coin sustains an upward movement, beating the $0.000028 and $0.000046 barriers, an ATH also remains within reach. Crypto market enthusiasts continue to eye the token for further bullish shifts in the wake of the latest market stats.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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