Shiba Inu (SHIB) Faces Setback as Whale Sells Off 500 Billion Tokens, Impacting Market Sentiment
Shiba Inu (SHIB), a popular meme coin, has experienced a notable decline in investor confidence following a substantial sell-off by a single entity. Speculated to be controlled by one person through 11 wallets, this whale offloaded a massive amount of 533.6 billion SHIB tokens. The sale, valued at $15.99 million in DAI, took place about 24 hours ago.
Spot On Chain, a blockchain analytics firm, highlighted this transaction and noted that the seller realized a significant profit of $8.24 million, which amounts to a 106% gain in less than a month. While this sell-off suggests a downturn for SHIB, it is important to acknowledge that the whale has made substantial profits from trading the meme coin.
The SHIB community is now speculating about the whale’s next move, considering the 11 wallets still hold the acquired DAI. There is curiosity about which token or tokens might attract the attention of this influential market player. This transaction exemplifies the volatility and unpredictability of the market.
As a result of this substantial sell-off, SHIB’s recent rally has slowed down. Although there has been a minor increase of 0.21% in the last 24 hours, with the current price of SHIB at $0.00003033, the overall market sentiment has been dampened. Key market indicators support this view, as SHIB’s 24-hour trading volume has dropped by 32.27% to $550.84 million.
Furthermore, CoinGlass data reveals a 1.51% decline in Shiba Inu’s open interest in the past 24 hours, now standing at $107.40 million. A decrease in open interest suggests a decrease in trading enthusiasm and a potential change in trader strategy for Shiba Inu.
The unfolding events resulting from this significant sell-off will continue to be a focal point for both SHIB enthusiasts and the wider crypto market. It highlights the importance of market vigilance and the need for investors to stay informed amidst rapidly changing market conditions.