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.
In a significant move that has caught the attention of the cryptocurrency community, a Shiba Inu (SHIB) whale has purchased 353.83 billion SHIB tokens, worth around $6.6 million. The transaction, which was conducted on Binance, was highlighted by Lookonchain, a well-regarded blockchain analysis platform.
The whale currently holds 838.87 billion SHIB, worth around $15.5 million. Moreover, the whale's profit on SHIB currently stands at $6.12 million. This substantial acquisition comes at a time when the price of SHIB is experiencing mixed performance. Currently, SHIB is trading at $0.00001865, reflecting a 2.07% increase in the last 24 hours.
However, the cryptocurrency has seen a significant decline of 22.38% over the past 30 days, indicative of a bearish trend on the broader market. Shiba Inu, often dubbed the "Dogecoin killer," has experienced wild fluctuations in its price since its inception. The recent decline mirrors a broader downtrend in the market.
Despite a bearish phase, the latest whale activity suggests a strategic move to buy SHIB at lower prices, anticipating a future surge. This tactic is not uncommon among large holders, or "whales," who can influence market trends with their sizable transactions.
Implications of whale's move
The whale's decision to purchase a significant amount of the meme coin and hold a total of 838.87 billion SHIB tokens signals a potential vote of confidence in the future prospects of the cryptocurrency. The profit realization of $6.12 million further underscores the whale's adeptness at timing the market.
Such large-scale acquisitions can often lead to increased interest and speculation among retail investors, potentially driving up the price of the cryptocurrency. This phenomenon, known as the "whale effect," can create a ripple effect, influencing market dynamics beyond the immediate transaction.
While the current market conditions for SHIB are bearish, the whale's substantial investment suggests the expectation of a price rebound. If market sentiment shifts and broader economic factors become favorable, SHIB could see a resurgence in its value.
Alex Dovbnya
Dan Burgin
Vladislav Sopov
U.Today Editorial Team