As a seasoned crypto investor with a keen interest in meme coins like Shiba Inu, I’ve witnessed firsthand the volatility and unpredictability that comes with this asset class. The recent correction in the broader market has undoubtedly put pressure on Shiba Inu, causing its price to drop by 5.4% within the last 24 hours. However, despite this bearish trend, I’m intrigued by the strong whale accumulation that continues unabated.
During the recent correction in the cryptocurrency market, meme coins such as Shiba Inu and other alternative coins have been subjected to significant selling pressure. Over the past 24 hours, the price of Shiba Inu (SHIB) has decreased by 5.4%, reaching a value of $0.00002404 with a market capitalization of $14.17 billion. Furthermore, daily trading volumes have seen a massive increase of over 100% and now exceed $840 million.
Shiba Inu Whale Accumulation
Despite the wider market downturn causing some selling activity for Shiba Inu, the buying behavior of large investors, or “whales,” has continued to be robust.
Based on a recent announcement from Lookonchain, nine different wallets, among which are two large investors (referred to as “whales”), have combined their resources for a total investment of $35.2 million. This collective investment was made with the intention of purchasing an impressive amount of 1.35 trillion Shiba Inu tokens.
Four investors among the update’s list revealed they had bought Shiba Inu tokens using parts of their Ethereum holdings. Their acquisition points differed significantly, with some purchasing SHIB when its price hit a low of $0.00002557, while others did so at the peak price of $0.00002620. Despite these disparities, the average cost for their Shiba Inu token purchases amounted to $0.00002596.
What a crazy buy!
Two individuals, each carrying a wallet, collectively invested $35.2 million in purchasing approximately 1.356 teragrams ($SHIB) within the last twelve hours, with an average price point of $0.00002596 per unit.
As a crypto investor, I often need to share my wallet addresses with others for various transactions.
— Lookonchain (@lookonchain) June 5, 2024
Previously, Lookonchain highlighted the actions of a significant Shiba Inu investor who purchased $18.44 million worth of SHIB. On June 5th, this investor swapped 4,849 ETH for an astounding 715.9 billion SHIB tokens.
SHIB Price Action to Watch
Based on IntoTheBlock’s data analysis, the $0.000026 mark signifies a substantial resistance level for Shiba Inu’s growth. Approximately 64,320 entities have collectively purchased 69.74 trillion SHIB tokens at an average cost of $0.000026. Whenever Shiba Inu nears this price point, these investors tend to sell off their holdings, leading to heightened selling pressure.
As a researcher studying market trends, I’ve noticed that heightened selling pressure can lead to price corrections, as evidenced by recent market fluctuations. Unfortunately, SHIB has experienced the consequences of this trend and has since retraced most of its gains from the latest rally, dropping below the $0.000026 mark.
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2024-06-08 09:16