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Shiba Inu (SHIB) moved sideways on Tuesday, holding steady despite a broader market pullback.
Notably, over the past week, the world’s second-largest memecoin gained nearly 8%, shrugging off the widespread selling that impacted most major cryptocurrencies.
Meanwhile, amid the broader crypto market slowdown, some investors appear to be capitulating. Data from Arkham shows that one whale offloaded 1 million SHIB before executing a second, much larger sale of nearly 15 billion SHIB, ultimately reducing the wallet’s balance to just a single token after two years of hodling.
According to the data, the tokens were moved and subsequently sold for $84,640, representing an approximate loss of $422,190, an 83% decline relative to the original investment of $506,830.
This dramatic drop highlights the challenges of holding high-volatility assets across extended market cycles, even for those who have demonstrated patience.
Notably, the whale’s decision to finally move the funds drew attention not only because of the sheer volume but also due to the unusual market context.
Interestingly, this whale’s exit contrasts sharply with the experiences of other SHIB holders who are positive about the token’s future. According to data from liquidations tracking platform Coinglass, whales triggered massive liquidations within the past 24 hours, wiping out approximately $50,120 in short positions, equivalent to nearly 7.94 billion SHIB tokens, as prices rebounded to $0.00000631.
These particular shorts made up roughly 85% of all liquidated Shiba Inu positions, totaling $59,170, while liquidated long positions accounted for just $9,050.
Shiba Inu has also shown strong resilience, on track for its seventh green daily candle in the past eight days.
So far this month, open interest has climbed from around $54.51 million to $60.90 million, while spot trading volume surged 112% in the last 24 hours to $22.23 million, and futures trading rose 109% to $148.3 million.
Additionally, analyst Javon Marks highlighted that SHIB appears poised to break out of a Falling Wedge-like structure, a pattern that historically preceded a 455% price surge during the coin’s last significant rally.
“SHIB looks to be nearing the breaking point… and could be getting ready to deliver a huge move,” Marks stated, emphasizing the speculative but promising nature of the current setup.
At press time, SHIB was trading at $0.000006097, reflecting a 1.14% decline in the past 24 hours.
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Source: https://zycrypto.com/whale-dumps-almost-15-billion-shib-after-two-year-hold-at-83-loss-but-there-is-a-catch/
