The post Whale Takes Significant Profit from SHIB After Extended Hold appeared on BitcoinEthereumNews.com.

The whale profits $3.2M from SHIB tokens after 2.6 years of holding The whale bought these SHIB tokens from Coinbase and DEXs at an average price of $0.000008468. A significant Shiba Inu transaction has caught the crypto community’s attention as a major investor, identified by the wallet address 0x541, moved all 197.99 billion SHIB tokens, worth approximately $4.88 million, to Coinbase. This action follows six months of inactivity with the token, with the sale price at $0.00002463. The whale initially acquired these SHIB tokens from Coinbase and decentralized exchanges at an average price of $0.000008468, investing about $1.68 million between October 2021 and September 2023. If the whale proceeds with selling the tokens at the current price, they stand to gain an estimated profit of $3.2 million, representing a 191% increase after holding the tokens for 2.6 years. In a previous transaction, this whale experienced a loss of approximately $176,000. They had purchased 138.568 billion SHIB at an average price of $0.000008385, mostly after the Shiba Inu price dropped following Vitalik Buterin’s $1 billion donation of Shiba Inu to India for COVID relief in May 2021. However, the whale sold these tokens at $0.000007117 on September 26, 2021, resulting in a $176,000 loss, just before the SHIB price hit an all-time high. Despite this recent large-volume transaction, SHIB’s market value has demonstrated volatility, with a 2.88% decline over the past day after an 8% rally. At the time of writing, Shiba Inu traded at $0.00002433 with a market cap of $14.3 billion. However, it has shown a 3.5% increase over the past week. Is the Hype Around Meme Coins Cooling Off? Meme coins are notorious for their extreme volatility and the waves of FOMO they generate, particularly during bullish market phases, as retail investors seek high returns. This week, while…

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Filed under: News - @ May 17, 2024 12:10 pm