Shiba Inu (SHIB) Rally Attracts Major Whale as Prices Surge By 60%
- SHIB surged 60% in a week, reaching $0.00002803 with a $5.69B volume, drawing retail and institutional interest.
- SHIB whale resurfaces, moving 100B tokens to Gemini as prices rise, signaling potential profit-taking.
- Whales portfolio spans beyond SHIB, including Ethereum and Chainlink, showing a strategic, diversified approach.
Shiba Inu (SHIB), the second-largest meme coin by market cap, has rallied this week. The broader cryptocurrency market rally paved the way for Dogecoin and pushed SHIB up by more than 60%. Shiba Inu is currently at $0.00002803, with a 24-hour trading volume of $5.69 billion. Within the past day, the price of SHIB has grown by 11.40%. These numbers represent a strong position for coins within the meme coin market thus attracting retail and institutional investors.
Source: TradingView
With the price of SHIB on the rise, so has the transactional value made by the so-called whales, or large holders of the token. Analytical platform Spot On Chain shared in its recent X post that a whale with the address 0xd6b has become active again after eight months of inactivity. An early SHIB investor once made $120 million from SHIB with a 415% profit.
Shiba Inu Whale Profit-Taking
This whale has come back on the scene at the same time as the price increase, which could suggest the beginning of some profit taking. An hour ago, the whale moved 100 billion Shiba Inu worth $2.81m to the Gemini exchange. This move may indicate it that the investor is trying to take advantage of the rally.
Even after this huge transaction, the whale still owns a large quantity of tokens. The portfolio of the investor contains 2.5 trillion SHIB valued at about $73 million. The transaction occurred in two parts: The first transfer was of 99.999 billion SHIB and the second was of 1 million SHIB. Both amounts were transferred to the Gemini exchange. The transactions indicate that large investors are still taking profits as SHIBs price rises.
Whales Diversified Portfolio
Whales investments are limited to Shiba Inu, and the portfolio is quite diverse. These consist of 2,971 Ethereum (ETH) which are worth $9.897 million. Other assets include 1,011,142 OriginTrail (TRAC) tokens, valued at $742,117, 44,281 Chainlink (LINK) tokens, valued at $650,484 and 567,408 Loopring (LRC) tokens, valued at $85,039. This diversified portfolio indicates the whales approach goes beyond the meme coins and into other potential cryptocurrencies.
The time of the transactions demonstrates that the token has been charting towards an all-time high, and the strategic actions of early investors. During the current crypto rally, it seems that early holders are taking profits. This has been a major boost for meme coins especially Shiba Inu and whale activity in the recent past.
While the market is still in the process of development, the focus is to be made on large investors. Their actions would most definitely shape the price and volatility of memecoin especially due to increasing retail and institutional demand. This period may well set the tone for the next phase of SHIB and other meme coins as the markets try to work out the longer-term potential for this asset class.
Read more: https://www.tronweekly.com/shiba-inu-shib-rally-attracts-major-whale-as/
Text source: TronWeekly
