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This Whale Bought 35 Billion SHIB While Market Was Crashing

News
Sat, 11/27/2021 - 14:23
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Arman Shirinyan
Some whales are joining "buy the dip" sentiment by purchasing some SHIB
This Whale Bought 35 Billion SHIB While Market Was Crashing
Cover image via stock.adobe.com

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During the market sell-off, short-term traders have dropped their positions and exited most markets. The smaller altcoins have experienced a greater loss compared to Bitcoin, including Shiba Inu and Doge.

Shiba Inu market performance

During the global market correction, Shiba Inu lost 16% of its value at the peak but then, shortly after, recovered back at a 10% daily loss, which correlated with Bitcoin's market performance.

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Following yesterday's sell-off, Shiba Inu gained approximately 30% in one day but then dropped back at 15% daily profit. The token has been moving in a short rangebound since Nov. 26 and has not yet broken through either border of it.

While some whales buy a significant amount of Shib, the market does not seem to react in any way. The volatility of SHIB token remains low as both buying and selling pressure is reduced according to the volume indicator.

Whales are buying more Shib

Before the cryptocurrency market crashed by more than 10% in one day, the 1,000 largest Ethereum wallets dropped more than 8% of their Shib holdings by entering into USDT and other stablecoins on the Ethereum chain.

Shiba Inu Transaction
Source: Whalestats

Currently, whale holding has increased back to pre-correction levels with approximately $1 billion worth of holdings remaining on whale-tier wallets at press time. Shiba Inu's price does not seem to react in a positive way, while the token trades at $0.000038 and 0.72% growth in one day.

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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.