Bitrabo Editorial
A Shiba Inu whale took advantage of a recent dip in cryptocurrency prices to purchase over 1.5 trillion tokens of the meme-inspired cryptocurrency. Whale “0x73AF” recently acquired $10 million worth of SHIB from Binance and Coinbase via Jump Trading and address “0x66E0”.
Whales accumulate billions of SHIB tokens
Shiba Inu whales are not bothered by the recent market dip. In fact, some of them have been on a buying spree, accumulating billions more SHIB tokens. According to whale monitors, whale “0x73AF” now holds 5.2 trillion SHIB tokens, worth almost $36 million. Another whale, “0x313”, recently purchased $25.8 million worth of SHIB tokens. Large SHIB whales seem to buy when prices drop, allowing them to acquire more SHIB for their investments. This could be attributed to significant changes taking place within the Shiba Inu ecosystem.
Of course, there is no assurance that SHIB will repeat its tremendous rise in 2021. But the possibility of life-changing rewards makes the risk worthwhile for long-term holders. When the market eventually rebounds, SHIB could witness one of the most significant recoveries in the entire market.
Massive transfers between Shiba Inu whales
Over the last month, massive transfers of SHIB have occurred from whale address “0x73AF” to “0x40B3”. Whale address “0x40B3” now has over $135 million in SHIB, making it the most extensive holder of SHIB outside of exchanges such as Binance and Coinbase. It appears that these two addresses are controlled by the same entity.
What’s next for Shiba Inu?
At its peak, Shiba Inu’s price increased by over 300% within the same month. Many even referred to it as the dogecoin killer, another meme token that saw a significant rise in market cap. Coin ranking platform, CoinGecko, ranks $SHIB as the most popular meme coin in the United States this year, despite $PEPE’s meteoric rise. Currently, $SHIB’s market price is at $0.0000067 per token, with major resistance around $0.0000068. Failure to break this resistance can see the token go back down to its support of $0.0000065, which is a far cry from its high of $0.00008 in October 2021.
Featured image from iStock, chart from TradingView.com