Shiba Inu Super Diamond Trader Liquidates Holdings, Followed By A Secret Message

Shiba Inu smart money who purchased 48.09 billion SHIB in February 2021, a time when the price was trading at $0.00000001, has finally liquidated holdings in Shiba Inu. Is this bearish for SHIB price or is a rally still in effect?

Dormant SHIB Whales Dumps All SHIB Holdings

Shiba Inu tokens held dormant for 3.5 years were moved today as all 48.09 billion SHIB were swapped to 278.7 ETH in an MEV bot transaction. Transaction data revealed this was an MEV bot transaction executed at 03:20 PM UTC on May 27.

Maximal Extractable Value (MEV) bot is a software tool designed to monitor the Ethereum blockchain for new transactions, identify high-value opportunities, and automatically carry out these transactions for their users.

Lookonchain, an on-chain expert, said ‘super diamond trader’ finally sold SHIB it bought in 2021 from just 2 ETH worth $2,625. The Ethereum whale made $1.1 million in profit, which is a 419x return on investment.

While the smart trader sold all SHIB, the transaction is not bearish for SHIB price due to an MEV bot transaction. ETH price rally of 25% in a week is likely the reason behind the transaction.

After the transaction, someone sent a transfer to the smart money’s wallet, leaving a message. The transactions appreciated the super diamond trader for SHIB holdings and making a profit.

Also Read: Bitcoin Price Regains $70000, Memorial Day Rally In Play?

SHIB Price Performance

Shiba Inu accumulation looks good now to traders as Coinbase announced offering 1000SHIB perpetual contract trading from May 30. Market participants believe the meme coin could witness a rally similar to Pepe Coin (PEPE).

SHIB price jumped 6% in the past 24 hours, with the price currently trading at $0.00002566. The 24-hour low and high are $0.00002417 and $0.00002615, respectively. Furthermore, the trading volume has increased more than 165% in the last 24 hours, indicating a massive interest among traders.

Also Read: XRP, SOL, SHIB ETF’s Unlikely to See SEC Approval: JPMorgan

✓ Share:

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.