Bad news? Crypto whale sells $16 million worth of Shiba Inu tokens

Concerns are rising following news that a ‘crypto whale’ has sold a large quantity of Shiba Inu (SHIB) tokens.

Shiba Inu whale takes profit

According to the analytics platform https://twitter.com/spotonchain/status/1774272832559866290 eleven wallets, likely belonging to the same person, sold a total of around 533.6 billion SHIB tokens for $15.99 million.

The whale sold SHIB tokens at a price of $0.00003 per SHIB, giving the investor a profit of more than 106%, or $8.24 million, in less than a month.

The large sale raises concerns among investors because whales are typically well informed and may have access to information that the average investor does not have. Their actions can therefore be seen as indicators of future price movements of the currency.

Decrease in SHIB trading volume

It looks like the whale may have a point. The hype surrounding Shiba Inu has noticeably diminished, reflected by a significant drop in trading volume.

Recently, the network recorded a significant 32.27% decrease in trading volume. This decline indicates reduced enthusiasm among investors and a decline in market activity.

There has also been a 1.51% decline in open interest for SHIB, suggesting that investors are rethinking their trading strategies.

Do we have to worry?

However, if it is up to crypto analyst Rekt Capital, we don’t have to worry. Rekt Capital is optimistic about the future of the memecoin and states that there is no reason to worry.

Making a comparison to previous trends, he suggests that Shiba Inu has the opportunity to reach its all-time high of $0.000088, which would represent an increase of almost 300% from the current price.

This positive expectation is supported by technical analyses. Successfully crossing the $0.000026 price barrier is seen as a strong sign of a solid market position and the potential for significant increases in value.

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