Whales Show Confidence Despite SHIB’s Market Drop
The value of Shiba Inu (SHIB), a popular memecoin, has recently experienced a significant decline along with the rest of the cryptocurrency market. However, despite this drop, some whales have taken advantage of the lower price and purchased over 4.6 trillion tokens, amounting to more than $31 million.
According to Whale Alert, one investor transferred this large amount to an unknown address on October 11. Additionally, another whale accumulated 2.5 billion SHIB on the same day, as indicated by Etherscan.
During bear markets, such moves are not uncommon as they provide investors with an opportunity to make substantial profits in anticipation of a future bull run. As Warren Buffett and other renowned investors have advised, it is often wise to be greedy when others are fearful.
Is SHIB Expected to Rise?
Despite the ongoing market correction affecting SHIB bulls, some analysts predict that the downward trend is nearing its end. For instance, Twitter user $SHIB KNIGHT believes that the price of SHIB has reached its bottom and is poised to reach an 8-month high of $0.0003.
LUCIE, Shibarium’s Marketing Strategist, envisions a positive future for SHIB as well, emphasizing its decentralization and representation of the people. They argue that goodness ultimately prevails.
The successful execution of Shiba Inu’s burning program and the development of Shibarium are seen as additional factors that could contribute to bullish sentiment. Shibarium has achieved significant milestones recently, showcasing its potential.
Hot Take: SHIB Whales Remain Optimistic Amidst Market Dip
Despite the recent drop in SHIB’s value, whales have displayed confidence by purchasing billions of tokens. This suggests that they believe in the long-term potential of the memecoin. Analysts also predict that SHIB may be approaching its price bottom and could experience a significant increase in value. The advancements made by Shibarium and the successful token burn by Shiba Inu further contribute to the positive outlook for SHIB. Overall, while the market correction has impacted SHIB’s price, there are indications that it may recover and even reach new highs in the near future.
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