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Amid the current bearish wave sweeping across different assets on the cryptocurrency market, investors are making strategic moves to consolidate their positions. Notably, a Shiba Inu (SHIB) whale has accumulated another 257.5 billion SHIB worth $4.6 million.
Whale accumulation sparks market interest
According to Lookonchain, an on-chain data analytics platform, the SHIB whale took advantage of the market downturn to make additional purchases.
Commenters noted that this is a typical strategy for whales who want to buy more during market dips while betting on the future recovery of the price.
Yuri MolchanAfter making the purchase, data shows that the whale’s total SHIB holdings soared massively. The SHIB whale now has a cumulative 477.5 billion SHIB tokens valued at $8.57 million.
This massive accumulation signals a strong belief in the token’s future potential. Market analysts have interpreted this as bullish news for the Shiba Inu community. They insist that whales only make large purchases when they want to double their investment ahead of a bullish price move.
The whale action also aligns with growing interest from other market participants, as SHIB trading volume has surged by 228.97% to $567.49 million. This increased investor interest is happening despite a notable 8.82% decline in price within the last 24 hours.
As of this writing, SHIB is changing hands at $0.0000182, according to CoinMarketCap data. The price of SHIB has traded between a low of $0.00001743 and a high of $0.00001997 within the same time frame.
SHIB critical support levels and community anticipation
Arman ShirinyanMeanwhile, crypto analyst Ali Martinez has identified $0.0000185 to $0.0000212 as the critical support zone for Shiba Inu. However, selling pressure is pushing SHIB outside this identified zone.
As market participants continue to consolidate their position, the broader SHIB community is anticipating bullish news from Shytoshi Kusama. As reported by U.Today, the SHIB army looks forward to the revolutionary news and an announcement as to when the development will roll out.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Arman Shirinyan
Alex Dovbnya
Dan Burgin
Vladislav Sopov