As an analyst with over a decade of experience in the crypto market, I’ve seen my fair share of whales and their impact on token prices. The reappearance of “0xd6b,” the early Shiba Inu investor, is certainly worth noting. This wallet has already made a jaw-dropping profit of around $120 million, which is not something you see every day!
After eight months without activity, a prominent Shiba Inu (SHIB) investor, recognized by the wallet address “0xd6b,” has resurfaced according to Spot On Chain. Renowned for their significant profits with the meme-based cryptocurrency, this whale has recently sold off a substantial portion of their holdings, transferring approximately 100 billion tokens, worth roughly $2.81 million, to Gemini – a leading U.S. crypto exchange.
I’ve been observing a prolonged storage phase where a significant amount of Shiba Inu (SHIB) coins, totaling approximately 2.5 trillion units and worth around $73 million, have been held by a prominent whale in their digital wallet.
After earning approximately $120 million from Shiba Inu (SHIB) holdings and achieving a significant return of 415%, the reactivation of this wallet coincides closely with SHIB’s recent price spike. The Shiba Inu token has experienced an increase of 61% since November’s start, reaching new highs for months and approaching a robust local resistance at $0.00003.
What’s next for Shiba Inu’s (SHIB) price?
As a crypto investor, I find myself at a point where historically, significant price leaps have been difficult to achieve. Yet, the recent surge in momentum tells me that there’s renewed interest and investment flowing into this digital currency. This could potentially lead to gains or corrections, depending on how the market reacts moving forward.
Currently, Shiba Inu (SHIB) sits comfortably among the top 10 cryptocurrencies in terms of market capitalization, holding the tenth position. Its market cap hovers around a significant figure of about $16.98 billion. The trading activity has experienced an incredible surge, with an impressive daily volume of approximately $5.48 billion, and this number only represents trades on the spot market.
With significant investors returning to the Shiba Inu token, its cryptocurrency price might continue challenging traders’ patience, particularly since massive profit-taking actions could cause market fluctuations. The upcoming trading stages will reveal how resilient SHIB is, as it approaches its critical resistance thresholds, which are under close scrutiny by both long-term investors and active traders alike.
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2024-11-12 13:06