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After eight months of silence, an early Shiba Inu (SHIB) investor, identified by the wallet address "0xd6b," has reappeared, as reported by Spot On Chain. Known for their jaw-dropping gains with the meme-inspired cryptocurrency, this whale has now offloaded a major cut of the holdings, depositing 100 billion tokens, valued at around $2.81 million, onto Gemini - a top U.S. crypto exchange.
This move follows an extended holding period, with 2.5 trillion SHIB, currently valued at $73 million, still remaining in this whale's wallet.
With a total profit of about $120 million from SHIB holdings, hitting a 415% return, the reactivation of this wallet aligns closely with SHIB’s recent price surge. The Shiba Inu token has climbed 61% since the start of November, reaching multi-month highs and approaching a strong local resistance at $0.00003.
What's next for Shiba Inu's (SHIB) price?
While this price level historically presents a challenging threshold for further advances, the current momentum underscores renewed interest and investment in the cryptocurrency, as it positions itself for potential gains or corrections depending on market reactions.
Now firmly within the top 10 cryptocurrencies by market capitalization, SHIB ranks number 10 with a market cap of approximately $16.98 billion. Trading activity has skyrocketed too, with a stunning $5.48 billion in daily volume, and that is only on the spot market.
As the biggest holders get back into the Shiba Inu token, the cryptocurrency's price could keep testing the nerves of traders, especially as such large-scale profit-taking can trigger market responses. The next phases of trading will likely show how well SHIB can hold up, as it faces its next key resistance levels, which are being watched closely by both long-term investors and active traders.