Key Points
- A dormant Shiba Inu whale sold 100 billion SHIB worth $2.85 million.
- Despite the sell-off, SHIB spiked 16.34% in 24 hours and 63.8% over the week.
- Whale trading has reached a monthly high, with retail traders also highly active.
- SHIB’s bullish trend has pushed its price to reclaim March 2024 highs.
A large Shiba Inu whale recently sold off 100 billion SHIB tokens, a stash valued at $2.85 million. Surprisingly, this sale didn’t sink SHIB’s price as some might expect—instead, SHIB surged by 16.34% within 24 hours.
This price momentum has also increased SHIB’s weekly performance, pushing it 63.8% higher. Shiba Inu’s steady rise has even led it to reclaim prices last seen in March 2024.
The Shiba Inu whale behind this transaction initially bought 15.28 trillion SHIB back in August 2020 for a mere $3,800, highlighting the potential profitability for early SHIB investors.
Despite selling a substantial portion, the whale still holds 2.5 trillion tokens, signaling a possible long-term commitment. Whale activities like these usually trigger a price dip, but SHIB’s strong market support has kept it rising.
A smart $SHIB whale sold 100B $SHIB($2.85M) for profit 40 minutes ago!
The whale spent $3.8K to buy 15.28T $SHIB($1.22B at the peak) as early as August 6, 2020.
This whale currently holds 2.5T $SHIB($75.2M), with a total profit of $123M on $SHIB.https://t.co/BWxcnWuwFR pic.twitter.com/6A1plF34G1
— Lookonchain (@lookonchain) November 12, 2024
Whale Accumulation and Retail Interest Fuel SHIB’s Bullish Run
Market data reveals that Shiba Inu whale activity has climbed to its highest levels in months, showing that the market has absorbed the recent sale.
According to data from IntoTheBlock, large SHIB transactions have risen sharply, jumping from just 45 three months ago to over 1,120. The increase in large transactions indicates strong interest from high-stakeholders actively accumulating SHIB.
Retail traders are also showing renewed interest in Shiba Inu. Data from CryptoQuant shows that SHIB’s active addresses have reached a nine-month high, climbing to 16,500—a clear sign that smaller investors are entering the market as well.
This retail support has been instrumental in keeping SHIB’s bullish momentum alive, even as some whales take profits.
SHIB’s Market Strength Signals Price Potential
Despite the recent whale sale, SHIB’s price remains steady, with rising market metrics suggesting further price gains. SHIB’s Market Value to Realized Value (MVRV) ratio has increased to 3.55%, showing that many long-term holders are now profitable.
As long as market confidence stays high, Shiba Inu appears well-positioned for continued growth.
With SHIB’s price currently sitting at $0.00002893, market watchers believe it could soon reach $0.00003 if this momentum holds.
For now, the increase in whale transactions and retail activity suggests that Shiba Inu still has room to grow, potentially attracting more investors looking to ride the meme coin’s latest surge.
