Whales and institutions that built substantial positions in Shiba Inu ($SHIB) two years ago appear to be gearing up to take profits in stages, currently boasting a floating profit of $13.75 million.
One notable address, 0x465…FDb12, identified by Arkham as linked to Amber Group, transferred 1.36 trillion $SHIB (worth $17.23 million) from Binance between September 2022 and February 2024, at an average cost of $0.0000126619 per token.
https://x.com/ai_9684xtpa/status/1798913561315693027?t=5aOs_xY3pTNh4r3PP5H9WQ&s=19
Just four hours ago, 1.11 trillion $SHIB were moved to a new address, 0x7b6…58d90, and 7.09 billion of these tokens were subsequently deposited back to Binance.
If these tokens were sold at current prices, a profit of $90,000 would be realized.
Massive $SHIB Withdraws Could Signify Potential Wave Of Profit-Taking
This strategic movement of $SHIB by large holders indicates a potential wave of profit-taking, reflecting the significant gains accrued over the past two years.
The careful distribution of $SHIB to new addresses and subsequent transfers to exchanges like Binance suggest a methodical approach to cashing out without drastically impacting the market.
Such maneuvers by large holders underscore the importance of monitoring on-chain activities to gauge market sentiment and potential price movements.
The substantial profits realized by these whales highlight the lucrative opportunities within the cryptocurrency market, particularly for those who can navigate its volatility effectively.
As these large holders prepare to take profits, the market could see some volatility. However, the gradual approach to selling might help mitigate any drastic impacts on $SHIB’s price.
Investors should keep a close watch on these developments, as they could signal broader market trends and potential future movements for Shiba Inu.
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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