Shiba Inu Whale Enter Buying Frenzy, 715 Billion SHIB Snapped Up In Days
June 06 2024 - 1:30PM
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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 patterns
could influence other traders. As noted by on-chain analytics
company Lookonchain, some whale wallets have been scooping up SHIB
tokens massively in the past 24 hours. Amidst this accumulation
trend is a particular purchase from a successful SHIB investor.
According to Lookonchain, 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!😱…
pic.twitter.com/iREp5jfj75 — Lookonchain (@lookonchain) June 5,
2024 Interestingly, the purchases weren’t carried out in a single
act, as Lookonchain noted they were made across three addresses. A
closer look into etherscan data shows that the purchases were made
in multiple 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 pattern 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, Lookonchain
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…
pic.twitter.com/yfSUyFSLQy — Lookonchain (@lookonchain) June 5,
2024 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, SHIBB went on a 32% increase to reach $0.0000287 on May 29
before reversing again to bounce off a support at $0.00002379.
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