Shiba Inu (SHIB) is on fire! After a significant increase of 67% in just seven days, SHIB shows no signs of slowing down. This rebound has caught the attention of SHIB whales, who recently sold 100 billion SHIB tokens for a profit of $2.85 million. Notably, this massive move has brought the whale's total profit to an astonishing $123 million, all from an initial investment of $38,000.
SHIB whale turns $3,800 into $123 million.
According to the on-chain analysis platform Lookonchain, in August 2020, this whale made a bold decision to purchase SHIB tokens worth $15.28 trillion with just a $3,800 investment. At that time, SHIB was far from being as popular as it is now, and this whale took a considerable risk.
However, as SHIB's value soared over time, this bet paid off. At its peak price, the value of 15.28 trillion tokens was about $1.22 billion, which represents a massive return from a relatively small initial investment.
Today, this whale still holds 2.5 trillion SHIB tokens, valued at approximately $75.2 million. After selling 100 billion SHIB for a profit of $2.85 million, this whale has now profited $123 million from their initial SHIB investment.
Timing is key!!!
This wise move demonstrates that timing plays a crucial role in the cryptocurrency world. While meme coins like SHIB are known for their volatility, early investors have reaped substantial profits.
The ability of whales to sell at the right moment allows them to cash out while still holding a significant portion of their investment.
Looking ahead: Can SHIB maintain its bullish momentum?
From a technical perspective, SHIB's Relative Strength Index (RSI) is currently at 68.00, close to the overbought territory. Another key indicator supporting SHIB's bullish outlook is the 50-day Exponential Moving Average (50 EMA), which continues to trend upward.
In the past week, SHIB has soared by 67%, trading at around $0.000029. This surge has helped SHIB's market capitalization rise to $17.25 billion, solidifying its position as one of the top meme coins in the market.
View the price chart of SHIB, with an immediate support level at $0.00003036. This level can act as a bottom line to prevent further declines in the token's price.
On the other hand, SHIB's key resistance level is at $0.00003305. If SHIB successfully breaks through this resistance level, the price could potentially rise further, possibly reaching $0.000040.
