Shiba Inu has been exhibiting notable price movements recently, reflecting broader market pressures across different sectors. According to NewsBTC, a prevailing bearish trend in the stock market has also impacted cryptocurrency space, and SHIB has been affected. The meme token recently dropped to $0.00001088, marking its lowest point in over six months.
Despite these fluctuations, the cryptocurrency market operates in cycles, with periods of decline often presenting buying opportunities, especially for assets with strong community backing and long-term promise. Savvy investors are seizing these chances to acquire tokens at reduced prices. Notably, a SHIB whale has been active, with on-chain data revealing that this whale has amassed hundreds of billions of SHIB tokens from a centralized exchange.
Whale Acquires Millions in Shiba Inu
On-chain data from Arkham Intelligence has tracked a significant acquisition by a whale identified as address “0x4B5C,” who purchased 220.34 billion SHIB tokens over the past 48 hours. The transactions included an initial large purchase of 216.397 billion SHIB tokens, followed by 3.55 billion tokens and an additional 400 million tokens. These tokens were collectively valued at approximately $3 million at the time of acquisition.
Further analysis indicates that these tokens originated from Coinbase Prime Custody, suggesting that the whale could be an institutional investor or a high-net-worth individual utilizing institutional-grade services for crypto asset management. This substantial acquisition underscores a strong belief in SHIB’s potential despite the recent price slump.
Related reading: Institutions Dumping Bitcoin For Ethereum: Will This Trend Continue?
The recent decline in SHIB’s value was exacerbated by a dip in Bitcoin’s price, which pushed it below several key support levels it had maintained for the past six months. However, SHIB has since recouped some losses, trading at $0.00001333, a 22.5% increase from its recent low of $0.000011. This recovery indicates that some investors are taking advantage of lower prices to re-enter or expand their holdings. Nonetheless, SHIB remains down by 16.2% over the past week.
Cre: Bitcoinist
David Ma was born in 1980 in California, is a Vietnamese American, known as one of the entrepreneurs and investors in the field of cryptocurrency and stock market. In 2006, he graduated from Stanford University with honors and began his career in business.
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