An on-chain analyst known as Data Nerd has reported an interesting development involving a crypto whale and the Shiba Inu (SHIB) token. According to a recent post on X, the whale, identified by the wallet address 0x9f5, has been making significant moves in the market, potentially impacting market liquidity. Data Nerd, citing data from Arkham Intelligence, revealed that the whale deposited a staggering 101.068 billion SHIB, equivalent to around $2.15 million, into a Coinbase account.
This follows a series of previous acquisitions totaling $2.71 million just a week earlier. It’s worth noting that investors typically transfer their tokens to exchanges when they plan to sell them. If this particular trader were to sell off their SHIB tokens at the current market price, they would potentially incur a loss of $560k.
Data Nerd’s analysis also highlights the inflow of SHIB tokens into the whale’s wallet, all of which originated from a Coinbase hot wallet. These transactions included three separate deposits totaling over 89 billion SHIB.
The Shiba Inu token has been experiencing a downturn recently, with a 4.99% decline in the last 24 hours and a more significant 22.19% drop over the past week. This price adjustment places it below the performance levels of both the global cryptocurrency market and other Ethereum ecosystem cryptocurrencies, which have been seeing mixed results.
In addition, data from IntoTheBlock provides insights into the profitability of SHIB addresses at the current market prices. The analysis reveals that 57.40% of holders could still make a profit by selling their holdings at the current price, while 39.15% would face losses, indicating that they bought the tokens at a price higher than the current market value.
The overall market sentiment for SHIB has been cautious, despite the recent introduction of a new trading pair by the Japanese branch of Binance, which briefly caused a price surge. Analyst Ali Martinez suggests that an entry point at $0.0000183 could potentially lead to a significant increase in SHIB’s value, reaching $0.00007232. This proposal offers a bullish scenario amidst the current market setbacks.
It is important to note that this article is for informational purposes only and should not be considered financial advice. The opinions expressed in this article are those of the author and do not necessarily reflect the views of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions, and The Crypto Basic is not responsible for any financial losses incurred.