As the Shiba Inu price reaches a decisive support level, crypto data tracker WhaleStats has reported top whales buying the Shiba Inu dip. Whales, or large holders, are typically known to take advantage of periods of price dips or consolidation to buy at a discount.
A top ETH whale, "BlueWhale0073," which ranks 254th among the biggest whales that WhaleStats tracks, has purchased 311 billion SHIB in two lump sums.
The first transaction reported is that of 194,114,774,578 SHIB worth $2,069,263 acquired by the top whale. The second is that of 117,883,960,216 SHIB tokens worth $1,256,643.
After a steady rise for days, the SHIB price topped out at a high of $0.0000118 on April 16 before a retreat began.
Shiba Inu saw a steep decline on April 19 following a market-wide sell-off owing to U.K. inflation fears and U.S. interest rate concerns.
The declines persisted, pushing SHIB to lows of $0.00001039 on April 20. Now, the SHIB price hangs near the key MA 200 support at $0.0000109, waiting for the next course of action — either up or down.
On the upside, Shiba Inu bulls would need to contend with the daily MA 50 barrier at $0.00001091 that hampered the SHIB price all through March from moving higher.
Shiba Inu continues to trade in the red, down 3.68% in the last 24 hours at $0.0000105. It has lost all of its weekly gains as a result of the sell-off, down 6.10% in the past week. Further declines might lead to a retest of the $0.0000102 lows or even $0.00000964.
According to Shib Burn Twitter account, a total of 9,400,010 SHIB tokens have been burned within the last 24 hours in three transactions.