Investor Confidence Peaks: Whales Spend Billions For Trillions Of SHIB Amid Price Drop

March 17, 2024

Amid the cryptocurrency market downturn, and despite the 29% plunge in its value over the past week, Shiba Inu has witnessed an unprecedented surge in investor confidence. Whales boldly stepped in, spending billions to accumulate trillions of tokens, signaling a robust belief in the asset’s resilience and future potential.

This weekend, the market painted a stark picture of volatility, with many digital currencies trading in the red. However, this dip has not deterred investors’ enthusiasm for SHIB.

On the contrary, confidence in Shiba Inu has markedly surged, with high-net-worth investors, often referred to as whales, spending billions of dollars to acquire trillions of tokens, which underscored their strong belief in the potential rebound and long-term value of Shiba Inu, despite the current market challenges.

Data science company IntoTheBlock, revealed a remarkable 602% increase in net flows from whales, indicating a strategic move by these large-scale investors to capitalize on the dip in anticipation of the Bitcoin Halving event. This significant uptick in whale activity coincides with a downturn in Shiba Inu’s price, highlighting a keen interest in bolstering their portfolios at a crucial moment.

Meanwhile, blockchain tracker Whale Alert reported another accumulation involving a whopping 332.42 billion SHIB tokens, valued at over $9.39 million. This massive accumulation was made by the wallet address 0x2efb50e9…32bbf2e204 on the crypto trading platform Cumberland very recently, which triggered interest and optimism towards the Shiba ecosystem’s native token.

Last week marked a remarkable period for Shiba Inu, witnessing a jaw-dropping 3,220% increase in net flows from large holders, alongside an additional 9.94 trillion SHIB in the volume of large transactions—defined as those exceeding $10,000. Furthermore, an unidentified wallet made headlines by transferring 1 trillion SHIB, valued at approximately $28.84 million, in a single transaction to the cryptocurrency trading platform Gate.io, further highlighting the dynamic activity within the Shiba Inu market.

On March 12, the volume of large transactions for Shiba Inu, representing the total value moved by whales in a single day, soared by 198.92%. Just the day prior, transactions exceeding $100,000 totaled more than 17.62 trillion SHIB.

Whale accumulation in the context of cryptocurrencies, refers to the process where large investors, often called whales, increase their holdings of a particular asset. These investors are termed whales because they hold a significant enough quantity of an asset to potentially influence its market price.

Accumulation is the phase where these investors buy or gather more of the asset, typically doing so when prices are low or during market dips, with the intention of holding for potential future gains

As of 4:21 a.m. ET on Sunday, Shiba Inu (SHIB) was trading at a price of $0.000025, with a 24-hour trading volume reaching $2,163,676,496. This marked a significant 15.32% decrease in its value over the past 24 hours, coupled with a 29.73% decline over the last week. 

Despite these short-term fluctuations, SHIB has experienced a substantial 152.81% surge in its price over the past month. Currently, Shiba Inu holds the 11th position on CoinMarketCap’s list of top cryptocurrencies by market capitalization, boasting a market cap of $14,622,729,801 and a circulating supply of 589,289,410,812,691 SHIB tokens.

Read More

Leave a Reply

Your email address will not be published.