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.
🐶😺 #ShibaInu is the latest #memecoin surging in value after #Dogecoin, #Bonk, #Floki, and #Pepe have all taken their turns in the sun as the work week draws to a close. Track social dominance spikes with each here, as they are crucial in timing the tops. https://t.co/HMUBWWRo8v pic.twitter.com/bSb3HvIGrB
— Santiment (@santimentfeed) March 2, 2024
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.
The $SHIB price soared over 50% (24H). What happened on-chain in the past 3 days leading to the pump?
1. Smart trader 0x37d withdrew 75.91B $SHIB (currently $1.51M) from #Binance 2 days ago before the pump, now making $614K (+69%).
🔔 https://t.co/qknAUOYg822. #MakerDAO… pic.twitter.com/qwXzW28r1N
— Spot On Chain (@spotonchain) March 2, 2024
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.
A whale deposited 365.36B $SHIB($5.76M) to #Binance to take profits via 5 addresses in the past 11 hours.
He withdrew 365.36B $SHIB ($3.24M) from #Binance from Nov 17 to Dec 27, 2023.
If he sold all $SHIB, he would make more than $2.5M!
Address:https://t.co/iV7G0TxMql pic.twitter.com/M5J9D38QiF
— Lookonchain (@lookonchain) March 2, 2024
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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