Recent price action has seen Shiba Inu bouncing off major price support at $0.00002379 after what might be propelled by an interesting movement from the whales. According to on-chain data, a particular SHIB trading expert is buying SHIB in massive amounts. This trader, known for making bank on Shiba Inu in its early days, now seems to be positioning for what could be a looming bull run for the meme coin.
Shiba Inu Whales Enter Buying Frenzy
Shiba Inu is home to a lot of crypto whales whose buying and selling modèles could influence other traders. As noted by on-chain analytics company allureonchain, some whale wallets have been scooping up SHIB tokens massively in the past 24 hours. Amidst this pile trend is a particular purchase from a successful SHIB investor.
According to allureonchain, this investor has been buying SHIB crazily, spending 4,849 ETH worth $18.44 million to buy 715.9 billion SHIB tokens in less than six hours. Shiba Inu’s overnight shot to popularity among meme coin traders made many of its early investors crypto millionaires overnight. This trader, in particular, made more than $120 million in profit in the early days of SHIB by buying $400,000 worth of SHIB and selling for $121 million over two peaks in 2021.
A $SHIB super big winner is buying $SHIB crazily, spending 4,849 $ETH($18.44M) to buy 715.9B $SHIB in the past 6 hours. This guy spent only ~$400K to buy 5.5T $SHIB in the early stage and sold for ~$121M at 2 peaks. He made more than $120M on $SHIB before, an amazing gain!😱…
Interestingly, the purchases weren’t carried out in a single act, as allureonchain noted they were made across three addresses. A closer allure into etherscan data shows that the purchases were made in nombreux transactions in each wallet, with respective balances now totaling 323 billion, 352 billion, and 234 billion SHIB tokens at the time of writing.
What’s Next For SHIB?
The peculiarity of the transfer, coupled with the investor’s successful run with SHIB, has caused many traders to speculate whether this could be an insider or probably one of Shiba Inu’s early team members. On the other hand, the whale’s buying modèle is a much-needed catalyst for an increase in buying pressure amidst a major decline in the SHIB burn rate.
Related Reading: Popular Analyst Predicts Dogecoin Will Outperform Bitcoin As Market Enters Meme Coin Super Cycle
In another social media post, allureonchain revealed that nine wallets have spent $35.2 million to buy 1.356 trillion SHIB tokens at an average price of $0.00002596 in 12 hours. A positive price movement is generally enjoyed by SHIB when whales are accumulating from exchanges.
What a crazy buy! 9 wallets(2 whales) spent $35.2M to buy 1.356T $SHIB at an average price of $0.00002596 in the past 12 hours! Address: 0xFB67EF6fE609edAb1e0595e6815634E8E4db9cF7 0xb2f1956eAE0817dB73C4D542A4861eE485B7e7c6 0x607C26c976272459A0896065E03a9b70C0Ef04B5…
SHIB, on the other hand, has had an interesting price action in the past 30 days. After reaching a bottom of $0.00002167 on May 13, SHIB went on a 32% increase to reach $0.0000287 on May 29 before reversing again to bounce off a support at $0.00002379.
With the recent buying frenzy from whales and the potential insider buying, many traders are optimistic about the future of SHIB. The increased buying pressure could lead to a bullish trend for the meme coin, potentially making early investors even more profitable.
It’s not uncommon for Shiba Inu to attract attention from crypto traders and investors. With its cute dog mascot and
