Smart Trader’s Massive SHIB & FLOKI Selloff Nets Colossal Profits
In a thrilling turn of events in the cryptocurrency world, a smart trader made a massive selloff of 1.5 trillion coins from meme tokens SHIB and FLOKI, resulting in significant profits. This caught the attention of traders and investors globally, especially after the recent rally of meme coins had started to fade away. However, both SHIB and FLOKI continued to decline in value.
On-Chain Data Reveals Profits Exceeding $70 Million
According to on-chain tracker Spotonchain, the smart trader recently deposited 1.24 trillion SHIB to Binance and GateIO, earning a profit of $23.5 million (146%). Additionally, the same trader made a profit of $44.3 million from selling off FLOKI in the past few days. The combined profits from both tokens amounted to nearly $70 million.
In addition to this smart trader, Spotonchain also identified three other traders, including Rune Christen, the founder of MakerDAO, who made significant profits from SHIB selloffs over the past week. As SHIB experienced a sharp decline and increased supply on exchanges due to massive dumps, this further impacted the ongoing burning process aimed at reducing market supply for the token.
SHIB & FLOKI Experience Dips
At present, Shiba Inu (SHIB) has seen a weekly dip of 16.96%, while experiencing significant volatility in today’s trading. Similarly, FLOKI has also traded in the red with a weekly drop of 6.61% and volatile trading today. Despite their recent monthly gains of approximately 200% (SHIB) and 600% (FLOKI), these substantial drops have created a bearish sentiment among traders and investors in the crypto market.
Traders and investors are closely monitoring the future price action of these tokens following the recent selloffs and overall bearishness in the meme-token market.
Hot Take: Meme Coin Season Nears an End
The massive selloffs of SHIB and FLOKI, coupled with the decline in value and overall bearish sentiment in the meme-token market, suggest that the meme coin season may be coming to an end. After experiencing significant gains in recent months, these tokens have faced substantial drops, causing concern among traders and investors.
It remains to be seen how SHIB and FLOKI will recover from these dips and whether they will regain their previous momentum. Traders and investors should closely monitor the market for any potential shifts in price action for meme coins.
By
By
By
By
By