The well-known meme coin Shiba Inu (SHIB) seems to be experiencing a sharp decline in investor trust. This occurs following the dumping of a substantial quantity of 533.6 billion SHIB tokens by a single entity that is thought to be under the control of a single person across 11 wallets. About twenty-four hours ago, $15.99 million worth of DAI, a stablecoin backed by the US dollar, were sold.
Blockchain analytics company Spot On Chain brought attention to this transaction, pointing out that the seller made a significant profit of $8.24 million, or 106%, in less than a month. It should be mentioned that even though SHIB has had a significant sell-off, the whale has made a sizable profit from trading the meme coin.
Around 16 hours ago, 11 wallets (probably one person) jointly sold 533.6B $SHIB for 15.99M $DAI at ~$0.00003, realizing a joint profit of $8.24M (+106%) in less than a month! Currently, these 11 wallets still hold the newly acquired $DAI. Which token will they buy next? Follow
Nevertheless, with the 11 wallets still holding the acquired DAI, the SHIB community is rife with rumors regarding the seller’s next action. Everyone is wondering which token, or tokens, will next catch the interest of this major participant in the market. This deal essentially highlights the market’s volatility and unpredictability.
Shiba Inus reduce speed The recent surge in SHIB seems to have been hampered by this large transaction. Even if SHIB’s price has increased by 0.21% over the past day to $0.00003033, the general mood of the market seems to have soured. This opinion is supported by significant market indicators, such as SHIB’s 24-hour trading volume, which fell by 32.27% to $550.84 million.
Furthermore, Shiba Inu’s open interest, which is currently at $107.40 million, has decreased by 1.51% during the past day, according to statistics from the cryptocurrency analytics portal CoinGlass. The entire amount of outstanding derivative contracts—such as options or futures—that have not yet been settled is known as open interest. A decline in this indicator for Shiba Inu points to a potential change in trader approach as well as a fall in trading zeal.
As they work together to negotiate the potential and problems brought about by such market fluctuations, SHIB aficionados and the larger crypto community will surely continue to focus on the developments that have resulted from this large sell-off. All things considered, this story highlights the value of market awareness and the necessity for investors to be informed despite the market’s swift fluctuations.
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