Ancient SHIB Whale Makes $120M: New ATH on the Way for SHIB?

• SHIB whips up 49% gains, showcasing a high correlation with DOGE.
• After 8 months, an early Shiba Inu coin buyer offloads 100B SHIB.
• SHIB’s market cap would have to double for a new peak.

The positive market momentum carried on to the start of a new week. Shiba Inu (SHIB) emerged as the biggest gainer on Sunday, while Dogecoin (DOGE) led the seven-day rally with 155% gains. Meanwhile, Bitcoin (BTC) tacked on a new all-time high of $89,864.13 today, returning to $86,000 after an intra-day market correction.

How This Early SHIB Buyer Netted $120M Dividends

The rising altcoin price movement has awakened an early investor or an ancient whale in crypto terminology. The slang term describes large crypto investors who have held on to the coins for over four years. Tagged as a ‘smart money’ investor by LookOnChain, this Shiba Inu whale has been around since 2020.

Since its all-time low on November 28, 2020, the meme coin’s market value has soared by an incredible 45 million percent, making some early SHIB buyers extremely wealthy. However, the Shiba whale remained dormant for eight months before taking enormous profits today.

In a November 12, 2024 transfer, this major crypto player unloaded 100 billion SHIB tokens to Gemini, a popular American crypto exchange. Selling the tokens for $2.81 million, the whale’s total profit is $120 million, according to estimates from blockchain analytics platform SpotOnChain. After the sale, the whale still keeps 2.5T Shiba Inu coins in their crypto wallet .

SHIB Price Is Facing Whirlwinds Of Market Correction

As Bitcoin approaches a retest of the $89K all-time high scored earlier today, Shiba Inu is still far from its peak. The $0.00008616 milestone was fetched over three years ago, and Shiba’s price is still dwelling over 69% away after this week’s 49% bull race.

As of press time, SHIB is changing hands at $0.00002653, with two bullish on-chain metrics present. Notably, the Stochastic Relative Strength Index (RSI) is hovering in single digits, capped between 6.72 and 6.12, which constitutes an ultra-oversold SHIB price position.

The Chaikin Money Flow (CMF) index, used to determine the inbound and outbound trends of the largest crypto investors, continues to showcase strong bullish momentum. Based on TradingView’s four-hour charts, it has not dropped below zero since November 4, 2024.

On the Flipside

• In derivatives markets, the data from liquidated leveraged positions on Shiba Inu coins displayed a shocking anomaly: they were unevenly balanced.
• Despite SHIB breaching the $0.00003 resistance barricade for the first time since April, long liquidations took $3.74M out of a 24-hour total of $5.63M.

Why This Matters

Major players in the crypto sphere tend to take profits during estimated cycle tops, which could either influence the sentiment or be left unnoticed in case of a broader rally.

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