TLDR
- Early SHIB investor cashes out $6.05 million worth of tokens after holding since 2020, netting over $108M in total profits
- Price drops 22% in a week, with SHIB now testing key $0.000024 support level
- Trading data shows $5 million in long positions liquidated during the selloff
- Community remains optimistic due to upcoming SHIFU and TREAT token developments
- Technical indicators suggest potential for recovery with $0.0000998 target by 2025
A remarkable chapter in cryptocurrency investing unfolded today as an early Shiba Inu (SHIB) investor converted a modest $3,800 investment into a multi-million dollar exit. The whale investor sold 250 billion SHIB tokens valued at $6.05 million, marking one of the most profitable individual SHIB positions ever closed.
Market data reveals the sale triggered immediate ripples across trading platforms, with SHIB’s price declining 10% within hours of the transaction. The weekly impact proved even more substantial, as the token recorded a 22% decrease over the past seven days.
Blockchain analytics platform Lookonchain first identified the whale’s movement, tracking the sale of 250 billion tokens to various exchanges. The same wallet, tagged as ‘0xd6b’, followed up with an additional transfer of 150 million SHIB to Gemini exchange, suggesting a structured exit strategy.
Trading records paint a picture of remarkable profit-taking, as the initial investment made in August 2020 amounted to just $3,800 for 15.28 trillion tokens. The whale’s total realized profit across various sales now exceeds $108 million, establishing a new benchmark for SHIB investment returns.
Despite the size of the exit, the whale maintains substantial skin in the game. Etherscan data confirms the wallet still holds 2 trillion SHIB tokens, currently valued at $48.38 million. This continued position suggests potential confidence in long-term price appreciation.
The market response cascaded through various trading pairs, with Coinglass reporting approximately $5 million in liquidated long positions across SHIB-related products. The liquidations occurred within a 24-hour window, highlighting the interconnected nature of leveraged crypto positions.
SHIB currently trades at $0.0000241, finding temporary stability after testing the 0.5 Fibonacci retracement level. Several exchanges, including Cryptocom and CoinEx, report increased buying activity, indicating some traders view the dip as a potential entry point.
Technical analysis identifies $0.0000234 as a critical price floor, representing a key support level that could determine the token’s short-term trajectory. Market watchers note this price point aligns with previous accumulation zones.
The SHIB community demonstrates resilience amid the price action, with social media channels buzzing about upcoming ecosystem developments. Particular attention centers on the planned release of SHIFU and TREAT tokens, which promise to expand the token’s utility beyond its meme coin origins.
One concerning metric catches the eye of analysts – the SHIB burn rate has decreased by 70% over the past week, according to Shibburn portal data. This reduction in token burning activity could temporarily impact the deflationary narrative that has supported price action.
Trading volumes show concentration around the current price level, with an intraday range established between $0.000023 and $0.000026. This consolidation pattern suggests market participants are carefully weighing their next moves.
Chart analysis reveals $0.000037 as the next major hurdle should buyers reclaim control. This level previously served as support during earlier price action and now represents a key milestone for any potential recovery rally.
Fresh data from trading platforms indicates growing interest from mid-sized wallets, traditionally a segment that accumulates during price dips. This buying behavior often precedes broader market recoveries, though past patterns don’t guarantee future results.
Market structure appears heavily influenced by macro cryptocurrency trends, with SHIB’s price movement amplified by the concentrated nature of the whale’s exit. Historical volatility patterns suggest similar sharp moves often create opportunities for strategic position-taking.
Looking forward, multiple technical indicators point toward a potential price target of $0.0000998 by 2025, though such projections require regular reassessment as market conditions evolve. The immediate focus remains on establishing stability above current support levels.
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