On-chain analyst Data Nerd reports a crypto whale deposited over 101 billion Shiba Inu (SHIB) into Coinbase, facing a $560K loss amid a substantial market downturn.
A recent post on X from on-chain analyst Data Nerd reveals significant activity by a crypto whale involving the token Shiba Inu (SHIB).
The whale, identified by the wallet address 0x9f5, has been notably active, engaging in substantial trades that could test market liquidity. Citing data sourced by Arkham Intelligence, Data Nerd noted that this individual deposited 101.068 billion SHIB, approximately $2.15 million, into a Coinbase account.
3 hours ago, a whale 0x9f5 just deposited 101B $SHIB (~$2.15M) to #Coinbase.
A week ago, he accumulated those tokens with $2.71M and made a loss at $560k if sold at current price.
His address:https://t.co/C1gc8ho53g pic.twitter.com/tp1yf068s6
— The Data Nerd (@OnchainDataNerd) May 1, 2024
This follows a series of acquisitions totaling $2.71 million a week prior. Notably, investors typically move their tokens to exchanges when there is an intent to sell. If this trader sold off his SHIB tokens at the prevailing market price, such trade would translate to a potential $560k loss.
The analysis further details the inflow of SHIB tokens to the whale’s wallet, all of which originated from a Coinbase hot wallet. These transactions included three separate deposits totaling over 89 billion SHIB.
Shiba Inu is currently experiencing a downturn, with a 4.99% decline in the last 24 hours and a more significant 22.19% drop over the past week. This price adjustment places it below the performance levels of both the global cryptocurrency market and similar Ethereum ecosystem cryptocurrencies, which are seeing varied results.
Address Analysis and Market Sentiment
Elsewhere, data from IntoTheBlock offers categorization of SHIB addresses based on their potential profitability at current market prices. The analysis reveals that 57.40% of holders could still profit from selling their holdings at the current price, while 39.15% would face losses, indicating they purchased at a price above the current market value.
The broader market conditions for SHIB have been mixed. While the Japanese arm of Binance has introduced a new trading pair, leading to a brief price surge, the overall market sentiment remains cautious. Analyst Ali Martinez suggests a potential entry point at $0.0000183 that could anticipate a significant rise in SHIB’s value to $0.00007232, proposing a bullish scenario amidst the current market setbacks.
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