Following the Smart Money in $SHIB

Leading cryptocurrencies like Bitcoin ($BTC) and Ethereum ($ETH) are trading near all-time highs. But it’s been the rise of Shiba Inu ($SHIB) that’s garnered the attention of many crypto traders of late.

$SHIB has been an altcoin darling since early October when it was trading under $0.000008 apiece. Immense social media hype helped launch Shiba Inu to a fresh all-time high of $0.00008616 on October 27th — an increase of more than 970% in less than a month.

But now, just a week later, $SHIB has fallen about 50% from its highs. So, what’s the deal?

It turns out the culprit seems to be Smart Money holders of Shiba Inu, traders that have held whale-sized positions in the digital currency for more than a year, that appear to be taking some profits off the table near current levels.

$SHIB whales making BIG moves

Shiba Inu is down more than 30% in the last 24 hours alone. The slide comes after a very high-profile wallet has been making some serious moves.

Speculation took over the Twitter-verse after it was discovered one particular $SHIB whale who apparently turned $8k into $5 Billion had yet to take profits. Users began to wonder why not after such an incredible run. Did this trader accidentally lose access to their wallet?

Well, it turns out that answer is no. Check out the recent post from user Devchart on Twitter:

https://twitter.com/devchart/status/1455692819281158152?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1455692819281158152%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.fxempire.com%2Fforecasts%2Farticle%2Fmulti-billion-dollar-shiba-inu-wallet-makes-some-moves-796170

The whale began moving funds after seeing the value of their early investment balloon to a multi-billion dollar position.

Is the Smart Money leaving $SHIB?

What we know: Earlier this week, the anonymous owner of the famous Shiba Inu wallet started making withdrawals and moving more than 50% of their funds into multiple other wallets.

The $SHIB whale had not cashed out altogether. They still had roughly $2 Billion of the crypto in their original wallet. That is, at least until today.

Check out the Shiba Inu ($SHIB) chart below. You can see massive volume to the tune of 5 Trillion tokens being dumped on the hourly candle highlighted in yellow.

Is this the beginning of the end for Shiba Inu? Or simply one savvy investor deciding to call it a trade and take their remaining profits off the table?

Only time will tell. But at writing, $SHIB continues trading to the downside on the day. Just remember, the digital asset is still trading at $0.00005 — up more than 500% in the last month. So, stay tuned!

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