In a significant move that has caught the attention of the cryptocurrency community, a Shiba Inu whale (SHIB) has purchased 353.83 billion SHIB tokens, worth around $6.6 million. The transaction, which took place on Binance, was highlighted by Lookonchain, a renowned blockchain analysis platform.
In a significant move that has caught the attention of the cryptocurrency community, a Shiba Inu whale (SHIB) has purchased 353.83 billion SHIB tokens, worth around $6.6 million. The transaction, which took place on Binance, was highlighted by Lookonchain, a renowned blockchain analysis platform.
The whale currently holds 838.87 billion SHIB, worth around $15.5 million. Furthermore, the whale’s earnings on SHIB currently stand at $6.12 million. This major acquisition comes at a time when SHIB price is seeing mixed performance. Currently, SHIB is trading at $0.00001865, reflecting an increase of 2.07% in the last 24 hours.
However, the cryptocurrency has seen a significant drop of 22.38% in the last 30 days, indicating a bearish trend in the overall market. Shiba Inu, often nicknamed the “Dogecoin Killer”, has seen large fluctuations in its price since its inception. The recent drop reflects a broader bearish trend in the market.
Despite a bearish phase, the latest whale activity suggests a strategic move to buy SHIB at lower prices, anticipating a future rise. This tactic is not uncommon among large holders, or “whales,” who can influence market trends with their large transactions.
Implications of whale movement
The whale’s decision to purchase a significant amount of coin meme and holding a total of 838.87 billion SHIB tokens indicates a possible vote of confidence in the future prospects of the cryptocurrency. Earning profits of $6.12 million further underlines the whale’s ability to time the market.
These large-scale acquisitions can often generate increased interest and speculation among retail investors, which could drive up the price of the cryptocurrency. This phenomenon, known as the “whale effect,” can create a domino effect that influences market dynamics beyond the immediate transaction.
While current market conditions for SHIB are bearish, the whale’s significant reversal suggests the expectation of a price rally. If market sentiment changes and broader economic factors become favorable, SHIB could see a resurgence in its value.
