Shiba Inu Whale Moves Over 200,000,000,000 SHIB To CEX As Price Drops 20%: Is the Meme Coin Season Over?
Shiba Inu (SHIB), the popular meme-inspired cryptocurrency, has been grappling with bearish pressure over the past week, resulting in a decline below previously conquered price levels.
Despite the challenging market conditions, whale activity within the Shiba Inu ecosystem has remained robust, with significant token movements capturing the attention of the crypto community.
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Early Whale Buyer Deposits 200B SHIB, Realizes $129M Profit
According to a tweet by on-chain analytics platform Spot On Chain, an early Shiba Inu buyer, identified as wallet address 0xd6b, has deposited 200 billion SHIB tokens, worth approximately $6.49 million, to cryptocurrency exchanges Gemini and Crypto.com. This move comes as the whale realizes an estimated profit of $129 million, representing a 445% return on their initial investment.
Remarkably, the whale had purchased 15.2 trillion SHIB tokens four years ago for just 10 ETH. Despite the recent deposit, the whale still holds an impressive 2.6 trillion SHIB, valued at around $85.15 million, in their wallet.
Shiba Inu Price Battles Bearish Forces
Over the past week, Shiba Inu has been struggling against bearish market forces, leading to a decline in its price. In the last 24 hours alone, SHIB has experienced a further 7% decline, contributing to almost 20% price drop over the past seven days.
The recent price action has raised concerns among Shiba Inu investors, as the token has fallen below previously established support levels. However, despite the bearish trend, some market participants remain optimistic about Shiba Inu’s long-term prospects, citing the token’s strong community support and ongoing development efforts.
Cumberland Moves 332 Billion SHIB to Robinhood
Amid the bearish price action, Cumberland, a prominent cryptocurrency trading firm, has been actively moving significant amounts of Shiba Inu tokens. In one of its latest transactions, Cumberland transferred 332,427,690,902 SHIB, worth $10,858,584 at the time of the disclosure, to Robinhood.
The massive token movement has sparked speculation within the crypto community, with some wondering about the implications for Shiba Inu’s price.
While some users speculated that Cumberland sent the tokens to a private wallet, data from blockchain explorer Etherscan revealed that the recipient wallet is associated with the popular U.S. exchange Robinhood. This discovery has led to further discussions about the potential impact of the transfer on Shiba Inu’s liquidity and trading activity.
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Show more +Cumberland’s History of Significant SHIB Transfers
The recent 332 billion SHIB transfer is not an isolated incident for Cumberland. On March 4, the trading firm moved an even more substantial 1.25 trillion SHIB to an unknown address, coinciding with Shiba Inu’s explosive rally that saw the token surge over 350% within a single week.
Despite the recent bearish pressure, Cumberland’s wallet still holds a considerable amount of Shiba Inu, with more than 54.93 billion SHIB valued at over $1.77 million at press time.
As Shiba Inu navigates the turbulent waters of the cryptocurrency market, the activities of major whales and trading firms continue to draw attention. While the recent bearish trend has raised concerns, the ongoing development efforts and strong community support surrounding Shiba Inu provide a glimmer of hope for the token’s future prospects.
As the crypto space evolves, market participants will closely monitor the movements of influential players like Cumberland and early whale buyers, as their actions can potentially impact the trajectory of Shiba Inu and other prominent cryptocurrencies.
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