The crypto market’s recent decline may have caused alarm for some, yet large investors saw it as an opportune moment to acquire more assets. This trend holds particularly true for Shiba Inu (SHIB), the renowned meme coin. The Data Nerd, an on-chain data analyst, reveals that three new whales accumulated an astonishing 184 billion SHIB tokens within the last 24 hours, as of April 3, 2024.
This significant purchase by large investors signals optimism for SHIB despite muted crypto trading. It suggests these whales perceive SHIB as undervalued, following its recent dip to $0.000026. The Data Nerd platform analyzed these transactions, noting the whales’ Binance and Coinbase activity.
Breaking Down the Whale Purchases
Among the three whales, a specific one possessing wallet address 0x5913 emerges as distinct. This entity strategically acquired an immense quantity of 75.018 billion SHIB tokens, valued at around $2 million, from Coinbase through a series of six transactions. Such a targeted purchasing approach indicates a calculated strategy aimed at capitalizing on the dip in SHIB’s value.
In a significant move, another whale, identified by the address 0xf770, exhibited strong confidence in Shiba Inu’s prospects by acquiring a substantial 37.139 billion SHIB tokens worth over $0.99 million from Binance in a single transaction.
This substantial purchase suggests a firm belief in the cryptocurrency’s future growth potential. Notably, the investor with the address 0x6dFE adopted a similar approach to 0x5913, accumulating 71.832 billion SHIB, valued at approximately $1.91 million, through four separate transactions on the Coinbase platform.
Shiba Inu’s Price Trajectory
Despite its captivating gains this year, SHIB’s price trajectory remains intricate. Though the meme coin flaunts an astonishing 350% surge in 2023, it lingers around 200% below its historic peak. This rally chiefly emerged from crypto’s January resurgence and the ensuing meme fever.
Despite the recent buying spree, Shiba Inu’s price trajectory remains intricate. However, boasting an extraordinary 151% year-to-date surge, the meme coin lingers around 70% below its historic peak. This rally arose from crypto’s broader January resurgence and subsequent meme coin mania.
On a shorter timeframe, SHIB’s token value exhibited fluctuations. During the last day, its cost rose by 1.22%, presently trading around $0.00002684. However, this upward movement came with reduced trading volume – a 23% dip, potentially signalling waning investor enthusiasm.
While whales’ active trading might signify a positive market sentiment, it’s crucial to consider other factors. The recent decline in trading volumes, coupled with a price correction, indicates that market participants are seeking additional confirmation before re-entering the market.
Looking beyond the short-term surge, Shiba Inu’s constant success depends on aspects like utility and advancements within its ecosystem. The recent spike in SHIB burn rate (a staggering 4000% rise in the past day) and growing interest in SHIB futures on Binance are encouraging indicators. However, their lasting effects remain uncertain, requiring further observation.
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