As an experienced analyst, I believe that the recent transaction by the “super diamond trader” who sold all 48.09 billion SHIB tokens at a profit of $1.1 million does not necessarily indicate bearish sentiments for Shiba Inu’s price. The use of an MEV bot to execute the transaction suggests that the trader was likely taking advantage of market inefficiencies and arbitrage opportunities, rather than selling due to bearish sentiment.
As a researcher investigating the recent development in the Shiba Inu (SHIB) market, I came across the news that a significant investor, often referred to as “smart money,” had sold approximately 48.09 billion SHIB tokens back in February 2021 when the price hovered around $0.00000001. The question now is, what does this mean for the current price trend of SHIB?
Dormant SHIB Whales Dumps All SHIB Holdings
Approximately 48.09 billion Shiba Inu tokens that had been held in cold storage for over 3.5 years became active today. At 03:20 PM UTC on May 27, these tokens were converted into 278.7 Ether through a Multiple Value (MEV) bot transaction. This transaction was recorded in the blockchain data.
A MEV bot is a sophisticated Ethereum blockchain program that scans for fresh transactions, pinpoints profitable possibilities, and executes them autonomously on behalf of its clients.
As an on-chain analyst, I’ve uncovered some intriguing information regarding the infamous “super diamond trader.” In 2021, this Ethereum whale sold their SHIB tokens they had purchased for just 2 ETH, which was equivalent to approximately $2,625 at the time. Fast forward to today, and they’ve raked in a staggering profit of over $1.1 million – a remarkable 419x return on their initial investment.
A knowledgeable trader disposed of all their SHIB holdings during that transaction, but this action doesn’t necessarily indicate a bearish trend for SHIB’s price. An MEV (Minimum Economic Value) bot was likely responsible for the trade, exploiting the price difference between various exchanges. The significant 25% increase in ETH‘s value within a week is believed to have instigated this price discrepancy.
Following the completion of the deal, an individual transferred funds to the savvy investor’s digital wallet, including a note of gratitude. The shrewd trader of Shiba Inu coins was commended for their successful investments and earning profits.
SHIB Price Performance
Traders are optimistic about the growth of Shiba Inu (SHIB) as Coinbase has announced the availability of 1000SHIB perpetual contract trading from May 30. This news has fueled speculation among market participants that SHIB could experience a surge akin to Pepe Coin (PEPE)’s rally.
In the previous 24 hours, SHIB‘s price experienced a significant surge of around 6%, reaching a current value of $0.00002566. The lowest and highest prices within this timeframe were recorded at $0.00002417 and $0.00002615, respectively. Notably, the trading volume for SHIB has seen a remarkable increase of over 165% in the last 24 hours, suggesting heightened enthusiasm among traders.
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2024-05-27 21:56