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The price of the Shiba Inu ($SHIB) coin has been stuck around $0.0000118 at the end of September, and the chart is not showing much hope for a big move. After months of lower highs and drying liquidity, a lot of retail traders are treating $SHIB as "trash" rather than an attractive asset to trade.
But when the market's slow, it is whales who start operating behind the scenes — and that is exactly what we have seen over the past day with the popular meme coin.
New blockchain data shows that an unknown wallet took 41,958,447,274 $SHIB out of Coinbase, which is about $502,240 at today's price.
Hours later, the same wallet received another 97,192,000,000 $SHIB, worth $1,150,000. The two transactions added up to 139,150,244,953 $SHIB, which is worth about $1,636,406.
What's endgame?
On the chart, $SHIB is down about 70% from its December 2024 levels near $0.00004. If it goes back to the mid-December range of $0.000018 to $0.000020, this wallet's value would jump from $1.64 million to about $2.5 to $2.7 million. That is a potential gain of over $1 million if the bet pays off.
While some say $SHIB is worthless, whales are loading up on hundreds of billions of tokens, at one of the lowest levels of the year. The accumulation suggests someone is getting ready for a rebound that could last into Q4, turning today's "trash" levels into tomorrow's profit window.
crypto.news
