"Whale generously gave Coinbase 101,068,376,968 Dogecoins, facing a loss of 560K"

Cryptocurrency analyst Data Nerd reports that a crypto whale is facing a loss of $560,000 after depositing more than 101 billion Shiba Inu (SHIB) into Coinbase amid a major market drop.

Crypto WhalesIn a recent post, data provided by Data Nerd showed significant activity related to the Shiba Inu (SHIB) token.

This whale, identified with wallet address 0x9f5, has been notably active, making a large number of transactions that may test market liquidity. Data Nerd cited data provided by Arkham Intelligence and pointed out that this person deposited 101.068 billion SHIB (about 2.15 million US dollars) into a Coinbase account.

This follows a series of acquisitions a week ago totaling $2.71 million. It’s worth noting that investors usually move their tokens to exchanges when they intend to sell. If this trader sold his SHIB tokens at the current market price, such a transaction could result in a loss of $560,000.

The analysis further details the inflow of SHIB tokens into whale wallets, all of which originated from Coinbase’s hot wallet. The transactions included three deposits totaling more than 89 billion SHIB.

Shiba Inu is currently experiencing a downside correction, having lost 4.99% in the past 24 hours and 22.19% in the past week. This price correction puts it below the performance level of the global cryptocurrency market and similar Ethereum ecosystem cryptocurrencies, which have performed differently.

Address Analysis and Market Sentiment

Additionally, IntoTheBlock’s data categorizes SHIB addresses by potential profitability based on current market prices. The analysis shows that 57.40% of holders can still sell their holdings at a profit at the current price, while 39.15% will face losses, indicating that they bought at a price higher than the current market value.

The overall market environment for SHIB is not consistent. Although Binance Japan launched a new trading pair, which led to a temporary price increase, overall market sentiment remains cautious. Analyst Ali Martinez suggested that an entry point could occur at the $0.0000183 price level, suggesting that SHIB’s value could rise to $0.00007232, presenting a bullish scenario amid the current market setback.

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