Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
After eight months of silence, an early Shiba Inu (SHIB) investor, identified by the wallet address "0xd6b," has reappeared, as reported by Spot On Chain. Known for their jaw-dropping gains with the meme-inspired cryptocurrency, this whale has now offloaded a major cut of the holdings, depositing 100 billion tokens, valued at around $2.81 million, onto Gemini - a top U.S. crypto exchange.
This move follows an extended holding period, with 2.5 trillion SHIB, currently valued at $73 million, still remaining in this whale's wallet.
Arman Shirinyan
With a total profit of about $120 million from SHIB holdings, hitting a 415% return, the reactivation of this wallet aligns closely with SHIB’s recent price surge. The Shiba Inu token has climbed 61% since the start of November, reaching multi-month highs and approaching a strong local resistance at $0.00003.
What's next for Shiba Inu's (SHIB) price?
While this price level historically presents a challenging threshold for further advances, the current momentum underscores renewed interest and investment in the cryptocurrency, as it positions itself for potential gains or corrections depending on market reactions.
Now firmly within the top 10 cryptocurrencies by market capitalization, SHIB ranks number 10 with a market cap of approximately $16.98 billion. Trading activity has skyrocketed too, with a stunning $5.48 billion in daily volume, and that is only on the spot market.
Yuri MolchanAs the biggest holders get back into the Shiba Inu token, the cryptocurrency's price could keep testing the nerves of traders, especially as such large-scale profit-taking can trigger market responses. The next phases of trading will likely show how well SHIB can hold up, as it faces its next key resistance levels, which are being watched closely by both long-term investors and active traders.
Yuri Molchan
Dan Burgin
U.Today Editorial Team
Vladislav Sopov