Shiba Inu Whale Makes $19 Million Purchase
A significant transaction involving a Shiba Inu whale caught the attention of investors recently. The whale, as reported by the on-chain whale tracking platform Whale Alert, purchased a staggering 692.4 trillion SHIB tokens. At the time of the transaction, this amount was valued at approximately $19.26 million. However, with the crypto market showing signs of an upward trend, the value of the coins has increased, nearing $20 million at present.
Now, these transactions can provide insights into market dynamics, as the origin and destination of the coins can shed light on the intentions behind such large purchases. Analyzing this particular transaction reveals some positive signs for Shiba Inu:
โ The tokens were withdrawn from the centralized exchange Crypto.com
โ Indicates the whale bought the tokens from the exchange
โ The tokens were moved to an unknown wallet
โ Suggests the investor is securing their assets in a personal wallet.
Such accumulation of tokens by whales is a positive signal for Shiba Inu, as it reduces selling pressure and increases demand, ultimately boosting the tokenโs price.
Shiba Inu Price Trends Higher After Whale Purchase
The Shiba Inu price has started to recover following the large whale purchase. The meme coin has witnessed a 2.5% increase in price in the last 24 hours, with bullish momentum aiming to test the resistance level at $0.00002896. Additionally, there has been a significant surge of over 20% in daily trading volume, indicating renewed interest from investors.
This surge in trading volume suggests a shift in sentiment towards the coin, with more buyers entering the market. If this trend continues, it could spark a rally similar to the one seen in March, potentially pushing the SHIB price above $0.00006.
Hot Take: Shiba Inu Gains Momentum After Whale Purchase
Shiba Inuโs price has been on the rise after a significant whale purchased over $19 million worth of SHIB tokens, signaling renewed confidence in the meme coin. With increased trading volume and bullish momentum, the price of SHIB is poised for further gains in the near future. Keep an eye on Shiba Inu as it continues to attract attention from both investors and whales alike.
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