Shiba Inu (SHIB), the second-largest meme coin by market capitalization, witnessed significant growth in the past week. The token closely follows Dogecoin’s bullish trajectory, surging over 60% as part of the broader cryptocurrency market rally. At the time of press, SHIB is trading at $0.00002921 with a 24-hour trading volume of $8.12 billion.
Over the last 24 hours, its value has increased by 15.82%, while the token recorded an impressive 67.21% gain in the past seven days. This surge solidifies SHIB’s position as a prominent player in the meme coin space, attracting attention from both retail and institutional investors.
Whale Appears During Shiba Inu Surge
The recent price rally has spurred activity among Shiba Inu whales. Notably, a major SHIB investor, identified as “0xd6b,” re-emerged after eight months of inactivity. This whale had previously made a $120 million profit from SHIB, equating to a return of 415%.
Early $SHIB buyer "0xd6b," with a $120M profit, is back to offload tokens after 8 months of inactivity.
— Spot On Chain (@spotonchain) November 12, 2024
An hour ago, this whale deposited 100B $SHIB ($2.81M) to #Gemini, leaving 2.5T $SHIB ($73M) remaining.
Total estimated profit from $SHIB: $120M (+415%).
Follow @spotonchain… https://t.co/yGvZt3QyKC pic.twitter.com/SODtxnIZ77
The whale had transferred 100 billion SHIB, valued at $2.81 million, to the Gemini exchange. This transaction suggests that the whale may be exploiting the current market conditions to secure profits. Following the transaction, the investor still holds about 2.5 trillion SHIB, worth $73 million.
The transactions comprised two transfers: the first involved 99.999 billion SHIB, and the second a smaller amount of 1 million SHIB, both directed to Gemini. These activities highlight the ongoing profit-taking by major holders amid SHIB’s surge.
Crypto Exchange Gemini to Close Customer Accounts in 90 DaysWhale’s Portfolio Beyond SHIB
The whale’s holdings extend beyond Shiba Inu. Their diversified portfolio includes 2,971 Ethereum (ETH), valued at $9.897 million. Additionally, the investor holds 1.011 million OriginTrail (TRAC) tokens worth $742,117, 44,281 Chainlink (LINK) tokens valued at $650,484, and 567,408 Loopring (LRC) tokens worth $85,039. These assets underline a strategic investment approach beyond meme coins.
Profitable Moves Amid Broader Rally
The bigger picture is that the whale has recently transacted SHIB as it nears its all-time high. Given the heightened activity in the crypto market, early investors are hence returning profit. By having invested in SHIB early on, the whale now makes a whopping $120 million. The broader picture, on the other hand, is of a balanced portfolio focusing on different crypto sectors.
The recent Shiba Inu rally and the presence of major whale activity suggest that meme coins are in an exciting period. While the market is developing, attention is focused on large investors and how they handle the volatility.
