The cryptocurrency based on the Shiba Inu dog theme has seen a significant increase of 570% in investments from large holders. This is indicated by the inflow of funds into the wallets classified as “whale” addresses. According to data from IntoTheBlock, there was an increase from 404.81 billion SHIB held by these large investors on April 11 to 2.66 trillion SHIB on April 12.
Large investors’ influx mirrors an increase in a significant indicator reflecting whale behavior. Shiba Inu experienced a substantial 276.25% rise in large transactions within the past day, amounting to approximately 8.63 trillion SHIB being transferred. This equates to around $212.56 million. Noteworthy increases in large transaction volumes suggest heightened involvement from institutional investors or whales.
Two potential reasons exist for the recent uptick in significant investors purchasing SHIB tokens. One theory is that these major investors are buying the tokens from exchanges and then moving them to offline wallets for safekeeping.
An alternative explanation is that significant increases in SHIB purchasing, which typically occur before price lows, may signify that large investors are capitalizing on the current market downturn to buy SHIB at reduced costs. This could suggest that they believe the price will rebound and are devising tactics for potential profits later on.
A notable increase in crucial whale indicators occurs concurrently with the crypto market’s downturn, resulting in substantial losses for investors.
SHIB price drops 12%
Over the weekend, cryptocurrencies dropped in value due to a shift in investor attitude away from risk-taking, causing unease in both traditional markets and the digital currency sector. The sudden release of higher-than-expected Consumer Price Index data dashed expectations for Federal Reserve interest rate reductions this year, fueling worry that efforts to control inflation might be losing effectiveness.
The prices of Bitcoin (BTC) and many other cryptocurrencies are now decreasing, with market volatility making a comeback.
Shiba Inu experienced a fall and reached a low of $0.00002126 on Friday. However, it managed to recover slightly. Currently, the coin is declining by 11.16% or $0.00000314 over the past day, trading at $0.0000244.
If the downward trend continues, the Shiba Inu token (SHIB) might find a floor in the $0.000019 to $0.000023 area. Approximately 52,650 wallets have previously purchased around 44.79 trillion SHIB at an average price of $0.000022 during this range.
If SHIB experiences a price increase, it will encounter resistance around the $0.000026 to $0.000030 price range. This is because approximately 100,700 investors purchased a total of 51.68 trillion SHIB tokens at an average cost of $0.000028 per token in this price zone.
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2024-04-13 16:35