Crypto Trader’s Meme Coin Sell-Off Draws Global Attention
In a recent turn of events in the cryptocurrency domain, amidst a downturn in the market, particularly affecting meme coins such as SHIB and FLOKI, a notable occurrence caught the eye of traders and investors worldwide.
A shrewd trader executed a substantial sell-off, totaling 1.5 trillion coins of SHIB and FLOKI combined, resulting in significant profits. This move has sparked interest across the crypto community, especially following a period of heightened activity in meme coin trading, as the market gradually calms.
Meanwhile, both SHIB and FLOKI continue their downward trend at present.
Insights from the on-chain tracker Spotonchain shed light on the trader’s actions, revealing a deposit of 1.24 trillion SHIB to Binance and GateIO, netting a profit of $23.5 million (+146%). Interestingly, the same trader also profited $44.3 million from a recent FLOKI sell-off over the past few days.
Spotonchain’s findings on March 9 unveiled that the trader offloaded 200.9 billion FLOKI, valued at $50.3 million, to GateIO. With the substantial profits from both SHIB and FLOKI sell-offs, nearing a total of $70 million, the trader’s maneuvers have drawn significant attention from traders and investors globally.
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Moreover, Spotonchain identified three other astute traders, including MakerDAO founder Rune Christen, who capitalized on SHIB sell-offs in the past week. Concurrently, SHIB’s market witnessed a notable decline, correlating with an increase in supply on exchanges due to significant sell-offs. These sell-offs have further complicated SHIB’s ongoing burning initiative aimed at reducing its market supply.
Amidst recent sell-offs and a prevailing bearish sentiment in the meme-token market, speculation looms regarding the potential conclusion of the meme coin season.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
