Crypto News

ShibaInu Surges As Latest Memecoin Darling

ShibaInu (SHIB) has emerged as the latest sensation in the memecoin universe, following in the footsteps of Dogecoin, Bonk, Floki, and Pepe, as the week comes to a close.

The price of SHIB experienced a remarkable surge of over 50% within the past 24 hours, capturing the attention of investors and enthusiasts alike.

Insights gleaned from onchain activity, as reported by Spotonchain, shed light on notable trading activities within the SHIB ecosystem.

Smart trader 0x37d made a strategic move by withdrawing 75.91 billion SHIB tokens from Binance two days prior to the price surge, a move that has now resulted in a substantial profit of $614,000, marking a significant increase of 69%.

RuneKek, the founder of MakerDAO, joined the SHIB frenzy by acquiring 7.41 billion SHIB tokens with 100,000 USDC just 13 hours ago. This move has already yielded a profit of $47,100, demonstrating the lucrative potential of SHIB trading.

More Top Wallets Accumulating SHIB To Monitor

Meanwhile, wallet 0x02e, associated with Upbit, made significant accumulations of 2.13 trillion SHIB tokens within the past 24 hours, solidifying its position as the 7th largest-holding wallet of SHIB with a total of 12.45 trillion SHIB tokens.

However, amidst the euphoria surrounding SHIB’s price surge, indications suggest that some whales may be capitalizing on the recent gains.

According to Lookonchain, a whale deposited 365.36 billion SHIB tokens, equivalent to $5.76 million, to Binance within the past 11 hours, with the intent to take profits.

This whale had previously withdrawn 365.36 billion SHIB tokens valued at $3.24 million from Binance between November 17 and December 27, 2023. If all SHIB tokens are sold at current market prices, the potential profit could exceed $2.5 million.

As SHIB continues to captivate the cryptocurrency community with its meteoric rise, investors remain vigilant, closely monitoring market dynamics and whale activities in anticipation of further developments.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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