It has seen recent price action Shiba Inu bounces There is major price support at $0.00002379 after what could be driven by an interesting move from the whales. According to on-chain data, a certain SHIB trading expert is buying SHIB in huge quantities. This trader, known for banking on the Shiba Inu in its early days, now appears to be gearing up for what could be an imminent rise for the meme coin.
Shiba Inu whales go into a buying frenzy
Shiba Inu It is home to many cryptocurrency whales whose buying and selling patterns can influence other traders. As noted by on-chain analytics firm Lookonchain, some whale wallets have been accumulating SHIB tokens significantly in the past 24 hours. Amid this accumulation trend, there is a private purchase from a successful investor in SHIB. According to Lookonchain, this investor has been buying SHIB like crazy, spending 4,849 ETH worth $18.44 million to buy 715.9 billion SHIB tokens in less than six hours.
The Shiba Inu's overnight popularity among meme traders made many early investors into cryptocurrency millionaires overnight. This trader, in particular, made over $120 million in profits in the early days of SHIB by buying SHIB worth $400,000 and selling it for $121 million over two peaks in 2021.
a $SHIB The super big winner is buying $SHIB Insanely, spending 4849 $ Ethereum($18.44 million) to buy 715.9 billion $SHIB In the last 6 hours.
This guy spent $400k just to buy a 5.5T $SHIB In the early stage and sold for approximately $121 million in two peaks.
It has grossed over $120 million $SHIB Before, amazing gain!😱… pic.twitter.com/iREp5jfj75
– Loconchain (@loconchain) June 5, 2024
Interestingly, the purchases were not made in a single transaction, as Lookonchain indicated that they were made across three addresses. Look closely at Etherscan data It shows that purchases were made in multiple transactions in each wallet, with total balances now standing at 323 billion, 352 billion, and 234 billion SHIB tokens at the time of writing.
What's next for SHIB?
The specificity of the transfer, coupled with the investor's success with SHIB, has led many traders to speculate whether this could be an insider or perhaps one of the early Shiba Inu team members. On the other hand, the whale buying pattern is a much-needed catalyst for increased buying pressures amid a significant decline in interest rates. SHIB burn rate.
Related reading
In another social media post, Lookonchain revealed that nine wallets spent $35.2 million to purchase 1.356 trillion SHIB tokens at an average price of $0.00002596 in 12 hours. SHIB generally has positive price action When whales pile up of exchanges.
What a crazy purchase!
9 wallets (whales) spent $35.2 million to buy $1.356 trillion $SHIB With an average price of $0.00002596 over the last 12 hours!
Title:
0xFB67EF6fE609edAb1e0595e6815634E8E4db9cF7
0xb2f1956eAE0817dB73C4D542A4861eE485B7e7c6
0x607C26c976272459A0896065E03a9b70C0Ef04B5… pic.twitter.com/yfSUyFSLQy– Loconchain (@loconchain) June 5, 2024
On the other hand, SHIB has seen interesting price action over the past 30 days. After reaching a low of $0.00002167 on May 13, SHIBB rose 32% to reach $0.0000287 on May 29 before falling back to Stop the reward Support is at $0.00002379.