The Shiba Inu ($SHIB) price surge of over 50% has captivated traders and investors, leading to a scrutinized examination of the on-chain activities that led up to this notable pump. As highlighted by Spot On Chain, a crypto sleuth, a smart trader identified as 0x37d executed a strategic move by withdrawing 75.91 billion $SHIB from Binance two days before the price pump. This amount, valued at approximately $1.51 million at the time, has since appreciated by 69%, netting the trader a profit of around $614,000. Such a well-timed withdrawal indicates a keen market insight that paid off handsomely with the price surge.
Moreover, Rune Christensen, the founder of MakerDAO, made a notable entry into the $SHIB market. With an investment of 100,000 $USDC, Christensen acquired 7.41 billion $SHIB just 13 hours before the price hike, resulting in a 47.1% gain or $47,100 in profit. This high-profile purchase by a prominent figure in the cryptocurrency world may have contributed to the increased investor confidence in $SHIB.
Moreover, significant accumulation activities were noted, with a wallet linked to Upbit, known as 0x02e, amassing an impressive 2.13 trillion $SHIB in just the past 24 hours. This wallet now holds 12.45 trillion $SHIB, valued at $247 million, making it the 7th largest $SHIB holder. This accumulation further underscores the growing interest in $SHIB among major players in the market.
As further noted by Lookonchain, a notable crypto sphere, amidst these strategic moves by key players, a whale took the opportunity to realize profits. This individual deposited 365.36 billion $SHIB, worth $5.76 million, into Binance over the past 11 hours to sell. The transactions, spread across five addresses, signify a significant profit-taking activity in the wake of the price surge.
Additionally, the $SHIB price rally is mirrored in crucial technical indicators, with the 1-Day Relative Strength Index (RSI) peaking at 96.31, indicating the asset might be overbought.
Similarly, the 1-Day KST (Know Sure Thing) and MACD (Moving Average Convergence Divergence) readings indicate a strong buying pressure and a bullish trend, respectively.
