After an eight-month silence, a prominent Shiba Inu (SHIB) investor, identified by the wallet address “0xd6b,” has resurfaced, as reported by blockchain analytics platform Spot On Chain. Known for their substantial gains with the meme-inspired cryptocurrency, this whale recently made headlines by offloading 100 billion Shiba Inu tokens, valued at approximately $2.81 million, to Gemini, a leading U.S. crypto exchange. Despite this large sale, a significant portion—around 2.5 trillion Shiba Inu tokens, currently valued at $73 million—remains in this wallet.
This move has perfectly timed with the recent rally of Shiba Inu’s price, which has increased by 61% since the start of November, trading at highs within the month and nearing a local resistance level of $0.00003. According to the narrative of this investor, activating their wallet is done intentionally in an uptrend as their assets reportedly earned $120 million, which indicated a 415% percent regain.
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Market Reactions to Large-Scale SHIB Profit-Taking
The reappearance of a major holder like “0xd6b” and their recent transactions highlight how whale activity can influence market dynamics, especially for a high-volume cryptocurrency like Shiba Inu. When Shiba Inu (SHIB) is close to a resistant level, the activities of holders create great pressure on the market due to their expected changes in price. Shiba Inu (SHIB) is close to its multi-month high; thus the attention; however, such pullback events might lead to increased selling pressure.
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Both long-term investors and active traders closely monitor Shiba Inu’s (SHIB) price performance as it approaches critical resistance points. With significant whale transactions adding volatility to the mix, the coming days will reveal Shiba Inu’s resilience in maintaining its upward trend. Currently, Shiba Inu is seen to have a rosy future ahead of it; however, short-term market reactions could depend on how it manages to deal with the resistance levels.
This recent whale activity reflects ongoing interest in Shiba Inu as it attempts to solidify its standing in the cryptocurrency market, with substantial holders returning to make strategic moves as prices climb.
Also Read: Shiba Inu Gains Bullish Momentum Following Trump’s U.S. Presidential Election Victory
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.