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New SHIB Whale Bought 171 Billion Tokens

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Wed, 11/17/2021 - 08:32
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Arman Shirinyan
Whales still believe in Shiba even after 40% retrace
New SHIB Whale Bought 171 Billion Tokens
Cover image via stock.adobe.com

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Contents

Following the global cryptocurrency market sell-off, Shiba Inu whales are not leaving their favorite meme-token behind and are looking forward to buying more—just like this whale that has purchased 171 billion tokens.

Two large transactions

The first large transaction appeared on the blockchain one day ago when the whale bought $6 million worth of SHIB tokens. The token has been trading around $0.000049 after a massive correction on the cryptocurrency market overall.

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Eleven hours after the execution of the first order, the whale decided to buy another, smaller portion of Shiba Inu tokens and got himself or herself another $2.3 million worth of tokens when Shib fell even lower to $0.000048.

The more whales the better?

With increased control by whales, market participants expect a trend reversal. After Shib reached the previous ATH, the share of whales on the network slightly decreased, which led to a massive 45% correction in less than a week.

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With an increasing number of whales on the market, retail traders will no longer constitute the majority of the market, and whales—in contrast to small traders—tend to hold their position until new highs arrive.

Shiba Inu market

As for now, SHIB is trading at the new local low of $0.0000479 after losing almost 10% of its value yesterday, which was 16% before retracing up. According to trading volumes, retail traders are now almost 98% less interested in speculating with the Shiba Inu token.

Shiba Inu Daily Chart
Source: TradingView

The main reason for the rapidly decreasing interest is the massive loss in the token's value, which will return to post-pump prices if it goes through another 40% correction. This is unlikely to happen due to the abundance of selling power, or even buying power, on the market.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.