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I just saw that Steve Aoki completely liquidated his position in Shiba Inu this week. The guy sold 1.78 billion SHIB for around $10,340 and sent everything to Gemini. According to Arkham Intelligence, this marks the end of several years of holdings in the token.
The interesting thing is that it's not just SHIB. He recently also closed his position in Pepe and reduced his ETH to only 5 coins. It seems he's cleaning out his risk asset portfolio. Regarding news specifically about SHIB, the price has dropped quite a bit since Aoki bought in. In January 2024, he spent about $5,000 on 507 million SHIB, but at the current price, that would have gotten him nearly 851 million. The token has depreciated significantly.
What stands out is that analysts see weak technical signals. SHIB recently broke below an upward support line, so the news points to possible declines toward $0.0000052. Additionally, Aoki still owns 7 Bored Ape Yacht Club NFTs that he bought for over $800,000 in 2021, but now each is only worth about $13,800. Basically, he lost quite a bit on several crypto fronts. I guess it's a good reminder of why diversification is important and not to cling to positions that aren't working.