Data Nerd, an on-chain analyst, has reported that a crypto whale recently deposited a staggering amount of Shiba Inu (SHIB) tokens into Coinbase, resulting in a significant loss of $560,000 due to the current market downturn.
According to a recent post on X, Data Nerd revealed that a crypto whale, known by the wallet address 0x9f5, has been highly active in trading SHIB tokens, potentially testing the liquidity of the market. Data sourced from Arkham Intelligence shows that this individual deposited a whopping 101.068 billion SHIB tokens, equivalent to approximately $2.15 million, into a Coinbase account.
This deposit comes after a series of acquisitions totaling $2.71 million just a week prior. It is worth noting that investors usually transfer their tokens to exchanges when they intend to sell them. If this trader were to sell off their SHIB tokens at the current market price, it could result in a potential loss of $560,000.
Further analysis reveals that all of the SHIB tokens flowing into the whale’s wallet originated from a Coinbase hot wallet. These transactions included three separate deposits, amounting to over 89 billion SHIB tokens.
Unfortunately, Shiba Inu is currently experiencing a downturn, with a 4.99% decline in the last 24 hours and a significant drop of 22.19% over the past week. This decline in price puts SHIB below the performance levels of both the global cryptocurrency market and other Ethereum ecosystem cryptocurrencies, which are experiencing mixed results.
In addition, address analysis and market sentiment data from IntoTheBlock categorize SHIB addresses based on their potential profitability at the current market prices. The analysis reveals that 57.40% of holders could still profit by selling their holdings at the current price, while 39.15% would face losses, indicating that they purchased SHIB tokens at a price higher than the current market value.
The overall market conditions for SHIB have been a mix of positive and negative developments. While the Japanese arm of Binance has introduced a new trading pair, leading to a temporary price surge, the overall market sentiment remains cautious. Analyst Ali Martinez suggests a potential entry point at $0.0000183, which could anticipate a significant increase in SHIB’s value to $0.00007232, presenting a bullish scenario in the face of the current market setbacks.
It is important to note that the information provided in this article is purely informational and should not be considered financial advice. The views expressed in this article are solely the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, and The Crypto Basic holds no responsibility for any financial losses incurred.