Key Takeaways:
The price of Asteroid Shiba (ASTEROID) fell 14.82% in the past 24 hours to $0.00036800, a correction driven by significant profit-taking after the token’s recent 731,582% surge over the last 30 days.
The sell-off gained attention after on-chain analytics firm Arkham Intelligence revealed the activity of a single wallet that turned an investment of approximately $17,500 into more than $1 million. The data from Arkham provides a transparent look into the high-stakes profit-taking that is influencing the token's price.
According to Arkham, the unidentified trader acquired their position when ASTEROID’s market capitalization was just $2.5 million. The wallet has since sold around $118,900 worth of the token and transferred another $187,000 to a separate address, but still retains a position valued at nearly $750,000 as of May 7.
The trader’s decision to hold a majority of the position has sparked discussion on whether more upside could be ahead for the volatile memecoin. For now, the price is testing the $0.00035000 support level. A break below this could see the price target the $0.00034000 level, while a hold could help stabilize the price as trading volume from the recent frenzy begins to normalize. The event highlights the extreme volatility and high-risk, high-reward nature of the memecoin market, which has seen similar parabolic moves in tokens like Shiba Inu and Dogecoin.
This article is for informational purposes only and does not constitute investment advice.
