Shiba Inu Coin (SHIB) price is down over 5%, but big investors (whales) buying a lot of SHIB.
The price of Shiba Inu Coin (SHIB), a meme-based cryptocurrency, dipped over 5% in the past day, dropping to $0.000024. This decline came in the form of major investors, known as whales, who bought a massive amount of SHIB – 1.35 trillion tokens for a total of $35.2 million. However, there is a likely problem ahead. A large group of investors (about 64,320 addresses) that hold large amounts of SHIB (69.74 trillion tokens) are likely to sell their stakes if the price reaches $0.000026. This may cause a further decline in the price of SHIB.
Shiba Inu Whale Collection
Money is raining heavily in Shiba Inu (SHIB)! Even as the rest of the crypto market is struggling, major investors, known as “whales,” are in a rush to buy SHIB.
Lookonchain, a crypto data tracker, discovered a group of nine wallets, including two whales, that teamed up to snag a giant haul of 1.35 trillion SHIB tokens for $35.2 million. Four of these investors also used some of their Ethereum holdings to purchase Shiba Inu coins. Investors purchased Shiba Inu tokens at various prices between $0.00002557 and $0.00002620 per token. On average, they paid $0.00002596 each.
This love affair with SHIB is not new to whales. LookOnChain previously reported about another whale who made a massive investment of $18.44 million by purchasing 715.9 billion Shiba Inu coin with Ethereum on June 5.
Shiba Inu Coin: Price Action to Watch
Shiba Inu Coin (SHIB) faces a potential barrier at $0.000026. A large group of investors (around 64,320) jumped in and bought a massive amount of SHIB (69.74 trillion tokens) at that specific price point according to data. , If SHIB rises back up to $0.000026, these investors are likely to cash out their SHIB holdings, which could trigger a selloff and send the price lower again. This selling pressure has already affected the price. SHIB price recently saw a rise but then fell below $0.000026. This likely happened because those investors sold their SHIB when the price hit that level.
While the Shiba Inu news is good in these days. Investors are looking for a great return in the meme coin. However, the cryptocurrency market nature is highly volatile and One should do a complete research or seek a financial advice from an expert before investing.
Also Read: Shiba Inu News: Set for a Rally, Open Interest Back to $136M?
