A Shiba Inu whale has made a bold move by purchasing 257.5 billion SHIB tokens during a market dip, spending $4.6 million. This strategic acquisition highlights growing interest among investors to capitalize on the declining SHIB price, potentially positioning for future price recovery. Blockchain analytics platform Lookonchain reported the transaction, bringing the whale’s total holdings to 477.5 billion SHIB.
Shiba Inu Whale Accumulates 257.5B Tokens During SHIB Price Drop
According to analytics platform Lookonchain, a prominent Shiba Inu whale acquired 257.5 billion SHIB tokens, valued at approximately $4.6 million. This transaction occurred amid a broader market downturn, showcasing the whale’s intent to leverage the declining SHIB price to expand its holdings.
This recent acquisition increased the whale’s total balance to 477.5 billion SHIB, valued at $8.57 million. On-chain data suggests that such purchases are often strategic moves by investors aiming to benefit from future market recoveries.
Consequently, the move reflects confidence in the token’s potential rebound. More so, a recent report highlighted that SHIB price rally would need a 1,000x surge to turn a $1,000 investment into $1 million. Current technical analysis points to a possible 62% rally, driven by a bullish “cup and handle” pattern.
SHIB Trading Volume Spikes Amid Market Decline
Despite an 2% drop in SHIB price, the token’s 24-hour trading volume surged by 269%, reaching $640 million. This increase in activity highlights a heightened level of investor engagement, even during a period of price volatility.
SHIB’s current price stands at $0.0000182, with its trading range fluctuating between $0.00001743 and $0.00001997. Such activity suggests that investors are repositioning their portfolios anticipating future developments in the Shiba Inu ecosystem.
Shytoshi Kusama Teases Major Ecosystem Update
Shytoshi Kusama, Shiba Inu lead, recently hinted at an upcoming major update within the ecosystem, describing it as a groundbreaking development. The announcement follows efforts to expand its ecosystem through initiatives such as Shibarium, ShibaSwap, and token offerings like Bone, Leash, and Treat. These efforts have positioned the project as a broader Web3 platform capable of supporting diverse use cases.
The recent developments surrounding the whale purchase and Kusama’s announcement have created a sense of anticipation within the Shiba Inu community.
Concurrently, Shiba Inu burn rate soared 800%, supporting the bullish SHIB price recovery narrative. Most recently, 6.27 million SHIB tokens were destroyed, permanently reducing the circulating supply. This surge, coupled with the supply-demand principle, and the Shiba Inu whale movement has fueled investor optimism despite SHIB price dip.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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