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New SHIB Whale Buys Dip with $36 Million Entry

News
Tue, 11/23/2021 - 10:14
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Arman Shirinyan
Another whale-tier address bought millions worth of Shiba Inu tokens following coin drop to new local low
New SHIB Whale Buys Dip with $36 Million Entry
Cover image via U.Today

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While the correction on the cryptocurrency market continues and some whales are leaving their positions behind by entering stablecoins, this whale does not seem to be bothered by a 50% correction on Shib and is buying $36 million worth of tokens.

Previously, Shiba Inu whales dropped more than 4% of their total holdings and decided to move their funds to Tether. As for this whale, he or she purchased SHIB either via an OTC deal or a private transaction of $36 million.

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The transaction's value in Shib is 850 billion tokens. Unfortunately for token holders, Shiba's price actions do not seem to follow whales since it is currently losing 1.2% of its value.

WhaleStats Data
Source: WhaleStats 

Previously, Shiba Inu managed to spike up by 23%, but then it rapidly lost all of its gains in a few days. The total loss from the top is 50% in total. In comparison to similar meme-tokens, Shib does seem to follow the general pattern: Floki cryptocurrency lost 59% of its value and Dogecoin lost 35% from the most recent local top.

At press time, Shiba Inu is trading at $0.000043, which is considered a support zone since the token already reached it back on Nov. 19 and successfully tested it by bouncing back by more than 20%.

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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.