- Investor moves 197.99 billion SHIB to Coinbase, valued at $4.88 million.
- SHIB whale could profit $3.2 million, a 191% increase from initial investment.
- SHIB market fluctuates, meme coins like FLOKI and PEPE see value jumps.
The cryptocurrency community has taken notice of a noteworthy transaction involving Shiba Inu
The investor originally purchased the SHIB tokens from Coinbase and various decentralized exchanges, paying an average of $0.000008468 per token for a total investment of approximately $1.68 million from October 2021 to September 2023. Should the investor decide to sell the tokens at the current market price, they would realize a profit of around $3.2 million, which is a 191% increase from their initial investment, after a holding period of about 2.6 years.
In a prior trade, a certain cryptocurrency investor, referred to as a “whale,” incurred a loss totaling around $176,000. This investor had acquired 138.568 billion units of the cryptocurrency SHIB at an average cost of $0.000008385 per unit, primarily after the price of Shiba Inu coin fell as a result of Vitalik Buterin’s donation of $1 billion worth of Shiba Inu to India’s COVID-19 relief efforts in May 2021. Nevertheless, on September 26, 2021, the whale offloaded these SHIB tokens at a price of $0.000007117 each, leading to a financial setback of $176,000, just before SHIB’s value soared to its highest point ever.
Despite the significant volume of this recent transaction, the market valuation of SHIB has been subject to fluctuations, with a decrease of 2.88% in the last 24 hours following an earlier 8% increase. At the moment of this report, Shiba Inu’s trading price stands at $0.00002433, with a total market capitalization of $14.3 billion, and it has registered a 3.5% rise over the preceding week.
Questioning the Sustainability of Meme Coin Enthusiasm
Meme coins are well-known for their high volatility and the intense fear of missing out (FOMO) they can incite, especially during times when the market is bullish and casual investors are in pursuit of substantial profits.
In the current week, while the majority of meme coins have exhibited minimal activity, a few of the top tokens by market capitalization have seen notable increases. For example, the meme coin FLOKI experienced a 9.53% jump in value within a single day. Although trailing behind some of its rivals, Shiba Inu, along with Dogecoin (DOGE), still commands a combined 70% share of the meme coin market.
In addition, the meme coin PEPE has risen by 6.81% in the last day, bouncing back from a recent downturn. The broader market turned positive on Thursday, with Bitcoin hitting a new high for the week. Market watchers are now looking to see whether SHIB and DOGE will mimic this ascending trajectory.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
