Shiba Inu (SHIB) has seen a massive surge, with its price spiking 67% in a single week. This rapid rally drew the attention of a notable SHIB whale, who recently capitalized on the rise by selling 100 billion SHIB tokens, making a $2.85 million profit. This transaction brings the whale’s total profit to an incredible $123 million from an initial investment of just $3,800.
Early Investment Pays Off
According to Lookonchain, an on-chain analysis platform, this savvy investor made a bold move in August 2020, investing only $3,800 to acquire a substantial 15.28 trillion SHIB tokens. At that time, SHIB was not yet a popular asset, making the investment risky. However, this gamble has paid off significantly as SHIB’s value has skyrocketed since.
At its highest valuation, the whale’s 15.28 trillion SHIB tokens reached an estimated worth of $1.22 billion, demonstrating a phenomenal return on a relatively small investment. Even after the recent sale of 100 billion SHIB, the whale retains 2.5 trillion tokens valued at about $75.2 million.
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The whale’s strategic selling highlights the importance of timing in cryptocurrency investments. While meme coins like SHIB can be volatile, early buyers can see impressive returns by selling at peak times. By cashing out a portion of holdings, this investor secured a significant profit while still maintaining a large stake in SHIB.
Technical Indicators Signal Potential for More Gains
Current technical indicators point to SHIB’s bullish momentum. The Relative Strength Index (RSI) is close to 68.00, signaling that SHIB is nearing the overbought territory. Additionally, the 50-day Exponential Moving Average (EMA) is moving upward, supporting SHIB’s upward trend.
Source: CoinMarketCap
In the past week, SHIB has traded around $0.000029, helping it achieve a market cap of $17.25 billion and solidifying its position among top meme coins. Analysts see immediate support for SHIB around $0.00003036, which could stabilize any short-term dips.
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The next critical resistance level for SHIB is at $0.00003305. If SHIB breaks this barrier, the price could climb higher, potentially reaching $0.000040.
This level offers an optimistic outlook for SHIB’s continued growth, driven by strong investor interest and technical support.
