Shiba

Millions

FLOKI

Shiba Inu

Coin

In a thrilling plot twist witnessed within the cryptocurrency realm recently, amid the noteworthy slump recorded by prominent meme coins such as SHIB and FLOKI, a smart trader’s massive 1.5 trillion coins selloff (SHIB &amp; FLOKI collectively), aiding the trader in garnering colossal profits, captivated significant attention across the broader crypto market. Following a remarkable meme coin rally observed recently, the trader’s millions of dollars in profit piqued the interest of crypto market traders and investors globally as meme coins’ pump gradually faded away.
SHIB &amp; FLOKI, coincidingly, continued their downward momentum as of press time.
<h2 id="on-chain-data-showcases-over-70-mln-profit">On-Chain Data Showcases Over $70 Mln Profit</h2>
According to the insights revealed by the on-chain tracker <a rel="noopener noreferrer nofollow" href="https://linktr.ee/spotonchain" target="_blank">Spotonchain</a>, a smart trader deposited 1.24 trillion SHIB to Binance and GateIO recently, realizing a profit worth $23.5 million (+146%). Intriguingly, the same trader realized a profit worth $44.3 million from a FLOKI selloff recorded in the past few days.
As spotlighted by Spotonchain on March 9, the same trader offloaded 200.9 billion FLOKI, worth $50.3 million, to GateIO. Now, with the trader’s colossal SHIB selloff weighing in, a profit worth nearly $70 million nabbed significant attention among traders and investors globally.
In the interim, the on-chain tracker also identified three smart traders, including the MakerDAO founder Rune Christen, who nabbed significant profits with SHIB selloffs over the past week. Simultaneously, SHIB noted a massive plunge, aligning with the burgeoning supply gains on exchanges with massive dumps. These dumps further exacerbated a waining effect on SHIB’s continued burning saga that aims to reduce market supply for the token.
Meanwhile, with continued <a href="https://coingape.com/meme-coin-hype-over-massive-shib-pepe-dumps-stir-speculations-prices-dip/" target="_blank" rel="noopener noreferrer nofollow">meme coins-related selloffs</a> witnessed recently, coupled with an overall bearish meme-token market, the sentiment of a meme coin season end prevails.
Also Read: <a href="https://coingape.com/fantom-ftm-price-jumps-to-1-0-in-major-rally-analyst-expects-another-50-gains/" target="_blank" rel="noopener noreferrer nofollow">Fantom (FTM) Price Jumps to $1.0 In Major Rally, Analyst Expects Another 50% Gains</a>
<h2 id="shib-floki-dip">SHIB &amp; FLOKI Dip</h2>
As of writing, the <a href="https://coingape.com/price/shiba-inu/" target="_blank" rel="noopener noreferrer nofollow">Shiba Inu price</a> noted a weekly dip of 16.96%, whereas today, the meme coin traded with quite the volatility. <a href="https://coingape.com/price/floki-inu/" target="_blank" rel="noopener noreferrer nofollow">FLOKI’s price</a> simultaneously traded in the red, jotting a weekly drop of 6.61%, whereas even FLOKI traded in with quite the volatility today.
With monthly upswings of approximately 200%(SHIB) and 600%(FLOKI), the recent substantial drops stirred a whirlpool of bearishness among traders and investors across the global crypto realm. Crypto market enthusiasts continue extensively eyeing these tokens for future price action shifts.
Also Read: <a href="https://coingape.com/top-analyst-predicts-bitcoin-price-correction-63k-best-time-sell-meme-coins/" target="_blank" rel="noopener noreferrer nofollow">Top Analyst Predicts Bitcoin Price Correction to $63K, Best Time to Sell Meme Coins</a>
The post <a href="https://coingape.com/meme-coin-selloff-smart-trader-dumps-1-5-tln-shib-floki-nabs-millions-profit/" rel="noopener noreferrer nofollow">Meme Coin Selloff: Smart Trader Dumps 1.5 Tln In SHIB &amp; FLOKI, Nabs Millions In Profit</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Meme Coin Selloff: Smart Trader Dumps 1.5 Tln In SHIB & FLOKI, Nabs Millions In Profit

Table of Contents

Coingape News Media

Other articles published on Mar 16, 2024

COPA seeks injunction against Craig Wright after court verdict

Ether ETFs face Senate opposition, Wright is not Satoshi, and Dencun goes live: Hodler’s Digest, ...

Prosecutors: Lock up SBF for up to 50 years

Key Levels for Bitcoin’s Support and Resistance

PancakeSwap Unveils v4 Featuring Custom Pools and Reduced Gas Fee

Ethereum, Fetch.ai continue to rise, new memecoin gains momentum

Join our free newsletter for daily crypto updates!