Shiba Inu (SHIB), the popular meme-inspired cryptocurrency, has struggled with bearish pressure over the past week, leading to a drop below previously conquered price levels.
Despite the challenging market conditions, whale activity within the Shiba Inu ecosystem has remained robust, with significant token movements capturing the attention of the crypto community.
Early whale buyer deposits 200B SHIB, realizes $129M profit
According to a tweet by on-chain analytics platform Spot On Chain, an early Shiba Inu buyer, identified as wallet address 0xd6b, has 200 billion SHIB tokens, worth approximately $6.49 million, in cryptocurrency -exchanges Gemini and Crypto.com deposited. This move comes as the whale realizes an estimated profit of $129 million, representing a 445% return on their initial investment.
Remarkably, the whale bought 15.2 trillion SHIB tokens for just 10 ETH four years ago. Despite the recent deposit, the whale still holds an impressive 2.6 trillion SHIB, worth about $85.15 million, in their wallet.
Shiba Inu Price fights Bearish Forces
Over the past week, Shiba Inu has struggled against bearish market forces, resulting in a drop in its price. In the past 24 hours alone, SHIB experienced a further 7% drop, adding to a nearly 20% price drop over the past seven days.
The recent price action has raised concerns among Shiba Inu investors as the token has fallen below previously established support levels. However, despite the bearish trend, some market participants remain optimistic about Shiba Inu’s long-term prospects, citing the sign’s strong community support and ongoing development efforts.
Cumberland moves 332 billion SHIB to Robinhood
Amid the bearish price action, Cumberland, a prominent cryptocurrency trading firm, has been actively moving significant amounts of Shiba Inu tokens. In one of its latest transactions, Cumberland transferred 332,427,690,902 SHIB, valued at $10,858,584 at the time of disclosure, to Robinhood.
The massive token move sparked speculation in the crypto community, with some wondering about the implications for Shiba Inu’s price.
While some users speculated that Cumberland sent the tokens to a private wallet, data from blockchain explorer Etherscan revealed that the receiving wallet was associated with the popular US exchange Robinhood. This discovery led to further discussions about the potential impact of the transfer on Shiba Inu’s liquidity and trading activity.
Explosion in Meme Coin Market; How to find potential successors of $BONK, $PEPE and $WIF?🤫
The key? Get in early, especially during the ICO phase. Check out NuggetRush today! This pioneering memecoin combines play-to-earn games with authentic gold mining ventures. Seize the opportunity with continuous pre-sale prices! Additionally, prepare for $NUGX’s upcoming launch on major exchanges.
Show more +
Cumberland’s history of significant SHIB transfers
The recent 332 billion SHIB transfer is not an isolated incident for Cumberland. On March 4, the trading firm moved an even more substantial 1.25 trillion SHIB to an undisclosed address, coinciding with Shiba Inu’s explosive rally that sent the token up more than 350% in a single week.
Despite the recent bearish squeeze, Cumberland’s wallet still holds a significant amount of Shiba Inu, with more than 54.93 billion SHIB worth more than $1.77 million at press time.
While Shiba Inu navigates the turbulent waters of the cryptocurrency market, the activities of big whales and trading companies continue to attract attention. While the recent bearish trend raises concerns, the ongoing development efforts and strong community support around Shiba Inu provide a glimmer of hope for the token’s future prospects.
As the crypto space evolves, market participants will closely monitor the movements of influential players like Cumberland and early whale buyers, as their actions could potentially affect the trajectory of Shiba Inu and other prominent cryptocurrencies.
Check NuggetRush ($NUGX)
Sponsored: Invest responsibly, do your own research.
Being in its ICO stage, NuggetRush offers an excellent opportunity for early investors to get in at potentially lower prices. a distinctive and immersive experience Foster a strong community by encouraging physical encounters between members NFT integration with prominent characters
Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
UnCirculars – Cutting through the noise, delivering unbiased crypto news
