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- A SHIB whale sold 100 billion tokens worth $2.85 million.
- Shiba Inu is up 16.34% on the daily charts and 63.8% on the weekly charts.
Over the past month, Shiba Inu [SHIB] was on a sustained uptrend as the memecoin had seen exponential gains on its price charts.
These gains pushed SHIB to regain March levels, which as a result hit a 9-month high. With the increase in prices, this means greater profitability, especially for long-term holders.
Therefore, many previous investors have taken this opportunity to make a profit.
Whale offloads 100 billion SHIB
According to Look at chainA smart Shiba Inu whale has sold 100 billion SHIB tokens, worth $2.85 million.
Source: Lookonchain
Notably, this whale spent $3.8,000 to purchase 15.28 trillion SHIB tokens in August 2020. With the recent sale, the whale now owns 2.5 trillion tokens, worth $75.2 million at the time of writing.
Although the market usually expects the price to drop when a whale decides to offload, it appears that this transaction has been absorbed by other whales that are actively accumulating due to increased retail and shark participation.
Source: IntoTheBlock
This is evidenced by the fact that Shiba Inu whale activity has reached a monthly high. As such, large trades have risen to regain August levels, reaching 1.12k, compared to 45 trades three months ago.
Therefore, whales also actively accumulate, strengthening the foundations of the memecoin.
Source: CryptoQuant
Retailers and sharks are also very active in the market. This is supported by an increase in the number of active addresses, which have reached a 9-month high.
According to CryptoQuant data, Shiba Inu active addresses stood at 16.5k at the time of writing – the first time since March 2024.
What about price charts?
While whale unloading has a huge impact on the price charts of any crypto, this whale was sold to maximize profits with recent gains.
The current price increase provides room for profit-taking. This is suggested by a rising MVRV long/short differential, which has risen to 3.55% over the past week.
This shows that most long-term holders are making a profit, but also have confidence in the future value of the memecoin.
Source: Santiment
Therefore, this transaction does not yet have a negative impact on the memecoin’s price charts. On the contrary, SHIB is on the rise.
In fact, at the time of writing, Shiba Inu was trading at $0.00002893. This represented an increase of 16.34% in 24 hours. Also, the memecoin has risen 63.84% and 62.78% respectively on the weekly and monthly charts.
Read Shiba Inu’s [SHIB] Price forecast 2024–2025
This shows that the memecoin is experiencing strong bullish momentum with favorable market conditions. With increasing whale activity and active addresses, SHIB is well positioned for price appreciation.
If these conditions hold, SHIB could reach $0.00003 soon.
