• A Shiba Inu whale sold 48.09 billion SHIB tokens held for 3.5 years, converting them into 278.7 ETH and making a $1.1 million profit, while SHIB’s price surged 6% amid increased trading interest.
  • Market sentiment remains positive as Coinbase’s upcoming SHIB perpetual contracts fuel speculation of a potential rally.

In a surprising move, Shiba Inu tokens that had been held dormant for 3.5 years were swapped for 278.7 ETH through an MEV bot transaction. This significant transaction caught the attention of Lookonchain, an on-chain analytics platform, which reported that the ‘super diamond trader’ finally sold their SHIB holdings acquired in February 2021. The trader had purchased 48.09 billion SHIB when the price was trading at $0.00000001 and has now liquidated these holdings. The question arises: Is this bearish for SHIB, or is a rally still in effect?

Dormant SHIB Whales Dump All SHIB Holdings

The massive movement of Shiba Inu tokens held dormant for over three years culminated today, as all 48.09 billion SHIB were converted to 278.7 ETH through a Maximal Extractable Value (MEV) bot transaction. This transaction was executed at 03:20 PM UTC on May 27, according to transaction data. MEV bots are specialized software tools designed to scan the Ethereum blockchain for new transactions, identify high-value opportunities, and execute these transactions automatically on behalf of their users.

Lookonchain, a reputable on-chain expert, highlighted that this ‘super diamond trader’ sold SHIB, which they bought in 2021 for just 2 ETH (approximately $2,625 at that time). The savvy Ethereum whale realized a staggering $1.1 million in profit, marking an impressive 419x return on investment.

Despite the large-scale sale, the transaction is not necessarily bearish for SHIB. The use of an MEV bot for this transaction, along with a recent 25% rally in ETH price over the past week, suggests that the timing of the sale might have been influenced more by Ethereum’s performance rather than a lack of confidence in SHIB.

After completing the transaction, an intriguing follow-up occurred. Someone sent a transfer to the smart money’s wallet, leaving a cryptic message. The message expressed appreciation to the super diamond trader for holding SHIB and making a profit.

SHIB Price Performance

The recent developments have not dampened the market sentiment for SHIB. On the contrary, Shiba Inu’s accumulation phase appears strong, particularly with the news that Coinbase will offer 1000SHIB perpetual contract trading starting May 30. This has bolstered market participants’ belief that the meme coin could experience a rally similar to that of Pepe Coin (PEPE).

In the past 24 hours, SHIB’s price has surged by 6%, currently trading at $0.00002566. The 24-hour trading range has seen a low of $0.00002417 and a high of $0.00002615. Moreover, trading volume has skyrocketed by more than 165%, reflecting a substantial increase in trader interest.

While the liquidation by a prominent trader might initially seem bearish, the surrounding context and the continued positive performance of SHIB suggest that a rally may still be on the horizon. As always in the volatile world of cryptocurrencies, time will reveal the true impact of these transactions.