Shiba Inu Whale Making Buzz by Booking Massive Profits
- A whale has demonstrated the potential for massive profits in the crypto market by strategically withdrawing and depositing SHIB tokens.
- The whale's actions highlight the critical role of timing and market analysis in cryptocurrency trading, emphasizing the need for traders.
- Despite the whale's profitable maneuvers, the broader SHIB market is showing signs of bearishness, with the token's value declining.
Lookonchain Reveals Whale Activity In Shiba Inu
Blockchain analytical firm Lookonchain reveals a thug trader booked a massive profit by trading SHIB. This whale made a whopping profit of 8.3 Million and he also withdrew 10.07 Million of SHIB in Dec 2023 showcasing impressive trading skills.
Whale Activity In Shiba Inu
A thug trader displays its strategic trading skills, and a cryptocurrency whale has reportedly deposited a staggering 1.08 trillion SHIB tokens, valued at approximately $18.4 Million, into the Binance exchange, realizing a profit of around $8.3 Million.
The savvy investor initially withdrew the same amount of SHIB, which cost nearly $10.07 Million, from Binance across three separate transactions on November 24, December 4, and December 22, 2023. This strategic accumulation and subsequent deposit have led to an impressive unrealized profit of $29 Million at the peak value of the SHIB token.
Source: X
The transaction details, revealed by Lookonchain in their latest X post, highlight the potential for substantial gains in the volatile cryptocurrency market for those who can adeptly navigate its fluctuations. The whale's actions underscore the importance of timing and market analysis in the pursuit of profitability within the digital asset space.
As the crypto community buzzes with discussions about this significant move, market analysts and enthusiasts alike are keeping a close watch on SHIB's performance and the whale's future transactions.
Despite The Whale Action; Shiba Inu Falling Down
Shiba Inu is facing bearish pressure on the daily technical chart break below the key exponential moving averages.
Source: Tradingview
At press time Shiba Inu is trading below the 50 and 200-day EMAs showcasing bearishness on the daily chart.
Moreover, the technical indicator RSI is also signaling bearish moves as it trading in the oversold zone at 24.95 below the 14-SMA curve.
At the time of writing SHIB is trading at the level of $0.00001678 with an intraday drawdown of 4.11% showcasing bearishness on the daily technical chart.
In the last 3 months, the SHIB fell by almost 41.23%, last month it dropped by almost 31.12%, and last week it dropped by 18.50% showing the week's ness in recent times.
Conclusion
The recent activities of a SHIB whale have caught the attention of the cryptocurrency community, demonstrating the potential for significant profits through astute market maneuvers.
Lookonchain's revelation of this trader's success story contrasts sharply with the current bearish trend of Shiba Inu's market performance.
Despite the individual gains of this whale, SHIB is experiencing a downturn, as indicated by its trading below key exponential moving averages and a low RSI, suggesting an oversold condition.
Also Read: The Latest on Shiba Inu (SHIB) and Its Mid-June Journey
