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The price of the Shiba Inu (SHIB) coin has been stuck around $0.0000118 at the end of September, and the chart is not showing much hope for a big move. After months of lower highs and drying liquidity, a lot of retail traders are treating SHIB as "trash" rather than an attractive asset to trade.
But when the market's slow, it is whales who start operating behind the scenes — and that is exactly what we have seen over the past day with the popular meme coin.
New blockchain data shows that an unknown wallet took 41,958,447,274 SHIB out of Coinbase, which is about $502,240 at today's price.
Hours later, the same wallet received another 97,192,000,000 SHIB, worth $1,150,000. The two transactions added up to 139,150,244,953 SHIB, which is worth about $1,636,406.
What's endgame?
On the chart, SHIB is down about 70% from its December 2024 levels near $0.00004. If it goes back to the mid-December range of $0.000018 to $0.000020, this wallet's value would jump from $1.64 million to about $2.5 to $2.7 million. That is a potential gain of over $1 million if the bet pays off.
While some say SHIB is worthless, whales are loading up on hundreds of billions of tokens, at one of the lowest levels of the year. The accumulation suggests someone is getting ready for a rebound that could last into Q4, turning today's "trash" levels into tomorrow's profit window.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team