• A major investor withdrew 350 billion SHIB tokens from the market, with profits of $6.12 million.
  • SHIB’s price rose by 5.45%, moving from $0.00001798 to $0.00001896.

In the recent downtrend from the volatile cryptocurrency markets, Shiba Inu (SHIB) has been grappling with a turbulent phase amid a broader market correction. Today, a notable event has caught the attention of market observers: a major whale withdrew a substantial amount of Shiba Inu tokens from Binance, amounting to 353.83 billion SHIB, valued at approximately $6.6 million–a profit of $6.12 million, as per data from Lookonchain.

A smart whale withdrew 353.83B $SHIB ($6.6M) from #Binance 45 minutes ago and currently holds 838.87B $SHIB ($15.5M).

The whale's profit on $SHIB is $6.12M. https://t.co/2knxKp4yEZ pic.twitter.com/05AQV2zqLw

— Lookonchain (@lookonchain) June 20, 2024

This maneuver comes as SHIB’s price experienced a modest 5.45% increase, trading at $0.00001864, with a market capitalization of approximately $10.98 billion.

However, despite this slight uptick, SHIB’s daily trading volume has declined sharply by over 38%, now standing at $282 million. Analysts speculate whether the recent market dip is a result of a necessary correction in major cryptocurrencies like Bitcoin (BTC), or merely a transient market adjustment. Further, the broader memecoin sector has shown signs of weakness , with a notable 30-day relative strength index reflecting a decline of 25.52%.

Moreover, the issuance of new memecoins by well-known figures has tapered off recently, underscoring a shift in market dynamics and investor sentiment towards these speculative assets.