Early Shiba Inu (SHIB) Investor Returns After Eight Months of Silence, Dumps 100B Tokens on Gemini

Known for their jaw-dropping gains with the meme-inspired cryptocurrency, this whale has now offloaded a major cut of the holdings, depositing 100 billion tokens

A Shiba Inu (SHIB) early investor, known by the wallet address "0xd6b," has returned to the scene after eight months of silence, Spot On Chain reports. This whale, renowned for their astronomical gains with the meme-inspired cryptocurrency, has now deposited a substantial portion of their holdings, 100 billion tokens to be precise, into Gemini, a top U.S. crypto exchange. This move comes after an extended holding period, with 2.5 trillion SHIB, currently valued at a staggering $73 million, still remaining in this whale's wallet.

With a total profit of about $120 million from SHIB holdings, hitting a 415% return, the reactivation of this wallet coincides closely with SHIB's recent price surge. The Shiba Inu token has climbed 61% since the start of November, reaching multi-month highs and approaching a strong local resistance at $0.00003.

While this price level has historically presented a challenging threshold for further advances, the current momentum underscores renewed interest and investment in the cryptocurrency, as it positions itself for potential gains or corrections depending on market reactions. Now firmly within the top 10 cryptocurrencies by market capitalization, SHIB ranks number 10 with a market cap of approximately $16.98 billion. Trading activity has skyrocketed too, with a stunning $5.48 billion in daily volume, and that is only on the spot market.

As the biggest holders get back into the Shiba Inu token, the cryptocurrency's price could keep testing the nerves of traders, especially as such large-scale profit-taking can trigger market responses. The next phases of trading will likely show how well SHIB can hold up, as it faces its next key resistance levels, which are being watched closely by both long-term investors and active traders.