In a thrilling plot twist witnessed within the cryptocurrency realm recently, amid the noteworthy slump recorded by prominent meme coins such as SHIB and FLOKI, a smart trader’s massive 1.5 trillion coins selloff (SHIB & FLOKI collectively), aiding the trader in garnering colossal profits, captivated significant attention across the broader crypto market. Following a remarkable meme coin rally observed recently, the trader’s millions of dollars in profit piqued the interest of crypto market traders and investors globally as meme coins’ pump gradually faded away.

SHIB & FLOKI, coincidingly, continued their downward momentum as of press time.

On-Chain Data Showcases Over $70 Mln Profit

According to the insights revealed by the on-chain tracker Spotonchain, a smart trader deposited 1.24 trillion SHIB to Binance and GateIO recently, realizing a profit worth $23.5 million (+146%). Intriguingly, the same trader realized a profit worth $44.3 million from a FLOKI selloff recorded in the past few days.

As spotlighted by Spotonchain on March 9, the same trader offloaded 200.9 billion FLOKI, worth $50.3 million, to GateIO. Now, with the trader’s colossal SHIB selloff weighing in, a profit worth nearly $70 million nabbed significant attention among traders and investors globally.

In the interim, the on-chain tracker also identified three smart traders, including the MakerDAO founder Rune Christen, who nabbed significant profits with SHIB selloffs over the past week. Simultaneously, SHIB noted a massive plunge, aligning with the burgeoning supply gains on exchanges with massive dumps. These dumps further exacerbated a waining effect on SHIB’s continued burning saga that aims to reduce market supply for the token.

Meanwhile, with continued meme coins-related selloffs witnessed recently, coupled with an overall bearish meme-token market, the sentiment of a meme coin season end prevails.

Also Read: Fantom (FTM) Price Jumps to $1.0 In Major Rally, Analyst Expects Another 50% Gains

SHIB & FLOKI Dip

As of writing, the Shiba Inu price noted a weekly dip of 16.96%, whereas today, the meme coin traded with quite the volatility. FLOKI’s price simultaneously traded in the red, jotting a weekly drop of 6.61%, whereas even FLOKI traded in with quite the volatility today.

With monthly upswings of approximately 200%(SHIB) and 600%(FLOKI), the recent substantial drops stirred a whirlpool of bearishness among traders and investors across the global crypto realm. Crypto market enthusiasts continue extensively eyeing these tokens for future price action shifts.

Also Read: Top Analyst Predicts Bitcoin Price Correction to $63K, Best Time to Sell Meme Coins

The post Meme Coin Selloff: Smart Trader Dumps 1.5 Tln In SHIB & FLOKI, Nabs Millions In Profit appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am