Altcoins
Bitcoin and Altcoins Suffer as Market Sentiment Turns Dark
The last week of June started off somberly Bitcoin falling 5%, dropping its value below $62,000.
This decline has triggered a ripple effect on the altcoin market, particularly affecting the highly volatile meme cryptocurrency sector.
Shiba Inu (SHIB), the second largest meme cryptocurrency by market cap, fell 5.5% today, breaking its multi-month support amid growing selling pressure.
On-chain data from Lookonchain revealed that a large whale recently deposited all 1.08 trillion SHIB tokens (worth $18.4 million) onto Binance, securing a profit of around $8.3 million .
Whale makes nice profits of $29 million after holding SHIB for a long time
This whale had previously withdrawn 1.08 trillion SHIB from Binance on November 24, December 4, and December 22, 2023, at a cost of approximately $10.07 million. At the height of the SHIB’s value, the whale held an unrealized profit of $29 million.
One whale deposited all 1.08 tons $SHIB($18.4 million) a #Binance 1 hour ago, making a profit of ~$8.3 million!
This whale withdrew 1.08 t $SHIB(cost ~$10.07 million) from #Binance on November 24, December 4 and December 22, 2023.
It has an unrealized profit of $29 million at its peak $SHIB!https://t.co/WVWceN0JHe pic.twitter.com/FKWD6cYJiY
—Lookonchain (@lookonchain) June 24, 2024
This whale’s significant SHIB movement highlights the continued volatility and speculative nature of meme cryptocurrencies. As SHIB breaks above its support levels, the broader market for these digital assets shows signs of instability, exacerbated by Bitcoin’s recent decline.
This period of negative momentum highlights the importance for investors to remain cautious and vigilant. The large profits made by the whale demonstrate the potential for significant gains but also the risks associated with such volatile investments.
As the market continues to navigate these turbulent times, all eyes will be on Bitcoin and its ability to stabilize above key support levels.
Meanwhile, the meme coin sector, led by SHIB, will need to find new support to regain investor confidence. The next few weeks will be crucial in determining whether the market can recover or whether further declines are on the horizon.
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any project.
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