- Amid a widespread correction in the cryptocurrency market, meme coin projects like Shiba Inu are facing significant selling pressure along with other altcoins.
- Over the last 24 hours, Shiba Inu (SHIB) surged 5.4%, settling at $0.00002404, with its market cap climbing to $14.17 billion, and daily volumes exceeding $840 million—a stark 100% increase.
- PEPE also caught attention due to buying activities, despite the market downturn.
Explore the latest movements in the crypto market as Shiba Inu faces selling pressure, and whales seize the opportunity to accumulate meme coins at discounted prices.
Shiba Inu Whales Engaging in Massive Accumulation
Despite the selling pressure prompted by the market correction, whale accumulation of Shiba Inu (SHIB) remains robust. According to Lookonchain, nine wallets, including two belonging to whales, invested $35.2 million, purchasing a staggering 1.35 trillion SHIB tokens.
Significant Purchase Details
Lookonchain further reported that four of these investors used a portion of their Ethereum holdings to buy SHIB. Purchase prices varied, ranging from $0.00002557 to $0.00002620, with the average acquisition price landing at $0.00002596. Earlier, Lookonchain noted that another major SHIB whale invested $18.44 million to acquire 715.9 billion SHIB tokens by exchanging 4,849 ETH.
Analyzing SHIB’s Price Movements
According to data from IntoTheBlock, the $0.000026 threshold is a significant resistance level for Shiba Inu, where 64,320 addresses had collectively bought 69.74 trillion SHIB tokens at an average price of $0.000026. When SHIB approaches this price point, these addresses tend to sell, augmenting selling pressure and often leading to a price correction, as reflected in recent market actions. SHIB has now dipped below the $0.000026 level, relinquishing most of its recent gains.
Venture Capital Whales Capitalizing on Opportunities
Global investment firm Nascent has capitalized on the market downturn by purchasing 447.67 billion PEPE tokens for $5.48 million. This strategic move exemplifies the “buy-the-dip” strategy, reinforcing their confidence in PEPE’s future potential despite prevailing market conditions.
Spot On Chain tracked the transaction revealing that Nascent’s PEPE tokens were purchased from Binance. This acquisition has already shown a 4.8% return, translating to a $262,000 gain. PEPE has now overtaken MKR to become the top asset in Nascent’s portfolio, with total profits from their investments reaching an impressive $2.45 million (+248%).
Conclusion
In summary, while the market correction has placed substantial pressure on meme coins like Shiba Inu, the continued accumulation by whales indicates strong underlying confidence. Similarly, strategic moves by entities like Nascent highlight the potential gains from opportunistic investments during market downturns. Investors and crypto enthusiasts should stay vigilant as these developments unfold, with implications for future market dynamics.
