Over the past few weeks, Shiba Inu‘s rally took a break, resulting in decreased investor enthusiasm towards the asset. Yet, this trend seems to be reversing as investors, particularly large ones known as whales, are once again purchasing SHIB in significant amounts. An impressive buy was recently made by a whale, who acquired 692 trillion SHIB from the Crypto.com exchange.
Whale Spends $19 Million On Shiba Inu
In the wee hours of Monday, a large Shiba Inu transaction worth an astonishing 692.4 trillion SHIB tokens was detected on the blockchain, piquing the interest of investors. This noteworthy transfer was brought to light by the popular on-chain tracking platform, Whale Alert.
Currently, during the sale, that particular batch of coins had a value of approximately $19.26 million. However, due to the optimistic crypto market forecast prior to the trading week commencing, this collection of coins is now approaching a value of around $20 million as of the present moment.
692,400,000,000 #SHIB (19,260,837 USD) transferred from #CryptoCom to unknown wallet
— Whale Alert (@whale_alert) April 8, 2024
In dealing with significant coin transfers, the places where they begin and end can provide insight into the purpose of the transaction. Consequently, this information aids in determining whether the transaction may influence the meme coin’s price positively or negatively.
Based on the available information, it seems that the transaction involving the withdrawal of coins from Crypto.com has a favorable outlook. This implies that the large investor likely bought those Shiba Inu coins from the exchange in the first place. The next step was transferring these coins to an unidentified wallet, indicating that this investor is taking precautions by moving their coins away from the exchange for security reasons.
The build-up or collection of tokens, including Shiba Inu, is generally beneficial. When large investors, referred to as whales, opt to purchase rather than sell, there’s less selling pressure and heightened demand. Consequently, the price of the meme coin escalates due to this increased demand.
SHIB Starts Recovery Trend
Among the market’s significant gains, the Shiba Inu coin is experiencing a price rise. In just the past day, the meme currency’s value has climbed by 2.5%. Bulls are preparing to challenge the resistance level at $0.00002896 once more. Furthermore, there has been a noticeable surge of over 20% in its daily trading volume.
The increase in daily trading activity indicates that investor attention is returning to the coin. As the price rises, it signifies more buyers than sellers, potentially leading to a renewed surge similar to March’s rally. If this trend continues, SHIB‘s price may effortlessly surpass $0.00006.
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2024-04-08 22:12