The last week of June began on a somber note with Bitcoin falling 5%, dropping its value below $62,000.

This decline triggered a ripple effect across the altcoin market, particularly affecting the highly volatile meme cryptocurrency sector.

Shiba Inu (SHIB), the second-largest meme cryptocurrency by market capitalization, experienced a 5.5% drop today, breaking from its multi-month support amid increased selling pressure.

On-chain data from Lookonchain revealed that a major whale recently deposited all 1.08 trillion SHIB tokens (valued at $18.4 million) to Binance, securing a profit of approximately $8.3 million.

This whale had previously withdrawn 1.08 trillion SHIB from Binance on November 24, December 4, and December 22, 2023, at a cost of around $10.07 million. At the peak of SHIB’s value, the whale held an unrealized profit of $29 million.

A whale deposited all 1.08T $SHIB($18.4M) to #Binance 1 hour ago, making a profit of ~$8.3M!

This whale withdrew 1.08T $SHIB(cost ~$10.07M) from #Binance on Nov 24, Dec 4, and Dec 22, 2023.

He has an unrealized profit of $29M at the peak of $SHIB!https://t.co/WVWceN0JHe pic.twitter.com/FKWD6cYJiY

— Lookonchain (@lookonchain) June 24, 2024

The significant movement of SHIB by this whale highlights the ongoing volatility and speculative nature of meme cryptocurrencies. As SHIB breaks from its support levels, the broader market for these digital assets is showing signs of instability, exacerbated by Bitcoin’s recent decline.

This period of negative momentum underscores the importance for investors to remain cautious and vigilant. The substantial 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 coming weeks will be crucial in determining whether the market can recover or if further declines are on the horizon.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.

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