- Shiba Inu recently experienced a significant price movement, bouncing off a crucial support level at $0.00002379, largely driven by whale activity.
- Recent on-chain data indicates substantial SHIB purchases by a prominent trader, known for previous profitable ventures with the meme coin.
- According to Lookonchain, this investor engaged in massive SHIB acquisitions, spending a considerable amount in a short period, demonstrating a potential bullish trend.
Discover how Shiba Inu whales are significantly impacting the crypto market with recent massive SHIB acquisitions. Learn the implications for future price movements.
Shiba Inu Whales Enter Buying Frenzy
Shiba Inu remains a hotspot for crypto whales, whose trading behaviors can sway market sentiments. On-chain analytics firm Lookonchain recently highlighted a surge in SHIB accumulation by several whale wallets over the last 24 hours. Notably, a renowned SHIB investor spent 4,849 ETH, equivalent to $18.44 million, to acquire an astounding 715.9 billion SHIB tokens within a mere six hours.
This particular trader gained notoriety during Shiba Inu’s early days, amassing over $120 million in profits from an initial $400,000 investment by strategically buying and selling during peak periods in 2021. Such historical success adds weight to their recent purchases and prompts market speculation.
“A $SHIB super big winner is buying $SHIB crazily, spending 4,849 $ETH($18.44M) to buy 715.9B $SHIB in the past 6 hours.”
“This guy spent only ~$400K to buy 5.5T $SHIB in the early stage and sold for ~$121M at 2 peaks.”
“He made more than $120M on $SHIB before, an amazing gain!😱… pic.twitter.com/iREp5jfj75”
— Lookonchain (@lookonchain) June 5, 2024
Intriguingly, these purchases were not carried out in a single transaction. Rather, they were disseminated across three distinct addresses, with each executing multiple transactions. Etherscan data provides further insights, revealing current wallet balances of 323 billion, 352 billion, and 234 billion SHIB tokens, respectively.
What’s Next For SHIB?
The unusual nature of these transactions, coupled with the investor’s successful track record, has led to rampant speculation within the trading community. Some suggest this individual might have insider knowledge or connections to Shiba Inu’s founding team, while others view it as a potential harbinger of increased market activity. This accumulation phenomenon comes at a critical time when the SHIB burn rate has significantly decreased, making it a vital stimulant for renewed buying interest.
In a parallel development, Lookonchain’s social media channels revealed that nine wallets collectively spent $35.2 million to purchase 1.356 trillion SHIB tokens within just 12 hours at an average rate of $0.00002596. This trend underscores the positive market sentiment that often accompanies whale accumulation activities.
“What a crazy buy!”
“9 wallets(2 whales) spent $35.2M to buy 1.356T $SHIB at an average price of $0.00002596 in the past 12 hours!”
“Address:
0xFB67EF6fE609edAb1e0595e6815634E8E4db9cF7
0xb2f1956eAE0817dB73C4D542A4861eE485B7e7c6
0x607C26c976272459A0896065E03a9b70C0Ef04B5… pic.twitter.com/yfSUyFSLQy”— Lookonchain (@lookonchain) June 5, 2024
Over the past month, SHIB’s price trajectory has been notably volatile. After hitting a low of $0.00002167 on May 13, SHIB experienced a sharp 32% increase, reaching $0.0000287 on May 29. The price then corrected, stabilizing around the $0.00002379 support level before showing signs of potential recovery.
Conclusion
The recent substantial investments by high-profile SHIB investors indicate a renewed bullish sentiment for Shiba Inu. This activity is critical in light of the current decreased SHIB burn rate, suggesting increased buying pressure might spur future price rallies. Market participants will closely watch these whale movements for further indications of market direction and potential major shifts in SHIB’s valuation.
