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Summary
A major investor withdrew 350 billion SHIB tokens from the market, resulting in profits of $6.12 million. SHIB’s price surged by 5.45% during this period.
Introduction
In the midst of a volatile cryptocurrency market, Shiba Inu (SHIB) has been navigating a challenging phase. Notably, a significant event unfolded as a major whale removed a substantial amount of SHIB tokens from Binance, totaling 353.83 billion SHIB, equating to around $6.6 million in value and $6.12 million in profits.
Main Points
As SHIB’s price saw a 5.45% uptick, reaching $0.00001864 with a market capitalization of about $10.98 billion, the daily trading volume for SHIB plummeted by over 38% to $282 million. Analysts are debating whether the recent market dip is a necessary correction in major cryptocurrencies or a transient adjustment. The memecoin sector, including SHIB, exhibited weakness, with a 30-day relative strength index signaling a decline of 25.52%.
Conclusion
The issuance of new memecoins by prominent figures has slowed down, hinting at shifting market dynamics and changing investor sentiments towards speculative assets like SHIB. This recent withdrawal by a major investor and the subsequent price movement underscore the ongoing fluctuations and uncertainties in the cryptocurrency space.
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