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<p>The meme coin frenzy has taken the crypto world by storm over the past week, with major players like Dogecoin (DOGE) and Shiba Inu (SHIB) recording astronomical gains of 100% and 180%, respectively. In what could be deemed the “meme coin week” in the crypto space, such astronomical rallies often lead to profit-taking by investors and whales alike.</p> 
<p>True to expectations, one such profit-taking event occurred just a few hours ago, as reported by SpotOnChain, an on-chain analytics platform.</p> 
<p><a href="https://platform.spotonchain.com/en/signal-details/whale-closed-shib-deal-at-great-profit-43568" target="_blank" rel="nofollow">According</a> to SpotOnChain, a crypto whale with the address 0xd4b726015cf59e954f3c5b0ba87ab7ef68a33f58 recently deposited 209.23 billion SHIB tokens (worth $5.6 million) to Coinbase at an average price of $0.00002687 per SHIB. The transaction hash is 0x7faa9b3bfc4fd206d3d081529b45937d999b7a8af9bc05e51030e182d775a403.</p> 
<p>Notably, the same whale had accumulated these SHIB tokens from Coinbase on February 22, 2024, at an average cost of $0.000009593 (estimated cost: $2 million). By selling the tokens now, the whale has made a profit of $3.61 million, which translates to an incredible 180% gain in just 11 days.</p> 
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<p>Profit-taking is expected in such situations after massive pumps. <a class="wpil_keyword_link" href="https://captainaltcoin.com/meme-coins/" title="Meme" data-wpil-keyword-link="linked" target="_blank">Meme</a> coins like Dogecoin (DOGE) and Shiba Inu (SHIB) witnessed astronomical gains of 100% and 190%, respectively, over the past week. Consequently, it is natural for some whales and investors to book profits, leading to a temporary pullback.</p>  
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   Explosion in Meme Coin Market; How to find potential successors to $BONK, $PEPE, and $WIF?
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<p>In the case of SHIB, the token is now down 5% in the last hour, trading around $0.000025 after hitting a high of $0.00002687 earlier. Such price volatility is common in the meme coin space, and investors should exercise caution and practice risk management when dealing with these highly speculative assets.</p> 
<p>While the recent surge in meme coins has been remarkable, it is crucial to remember that these assets are primarily driven by hype and speculation, rather than underlying fundamentals. As a result, they are prone to significant price swings, and investors should carefully consider their risk tolerance before allocating funds to these assets.</p> 
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<p>The post <a href="https://captainaltcoin.com/shiba-inu-shib-meme-coin-price-rally-whale-takes-massive-profit/">Shiba Inu (SHIB) Meme Coin Price Rally: Whale Takes Massive Profit</a> appeared first on <a href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Shiba Inu (SHIB) Meme Coin Price Rally: Whale Takes Massive Profit

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