Shiba Inu (SHIB), the popular meme cryptocurrency, experienced a price surge earlier today, briefly surpassing the $0.000026 mark. This 7% increase came amidst a broader market uptick fueled by Bitcoin’s return to the $70,000 range. However, the gains proved short-lived, with SHIB currently trading back down at $0.00002551.
Interestingly, this price movement coincided with significant activity from large investors, often referred to as “whales.” According to crypto tracker Lookonchain, nine wallets, including two whales, collectively accumulated a staggering 1.35 trillion SHIB tokens for a combined sum of $35.2 million.
Further analysis by Lookonchain revealed that four of these investors used portions of their Ethereum (ETH) holdings to acquire SHIB. Their entry points varied, with some buying as low as $0.00002557 and others entering at the peak of $0.00002620. Despite the current price dip, these investors might hold onto their positions due to the ongoing optimism surrounding Shiba Inu’s potential for substantial returns.
This sentiment is echoed by a savvy investor who entered the SHIB market in March at the beginning of a bull run. They held their tokens throughout the month, capitalizing on the surge that saw SHIB reclaim its three-year high of $0.000045 before selling for a profit of $8.24 million.
Also Read: Shiba Inu Burns 3900% Hotter: Whale Influx & Price on the Rise?(Can SHIB Hit $0.0001?)
In an update, Lookonchain also highlighted the recent activity of a prominent whale known for its sizeable SHIB investments. On June 5th, this whale exchanged 4,849 ETH tokens, valued at roughly $18.44 million, for a staggering 715.9 billion SHIB tokens. This whale has a history of significant SHIB purchases, having initially invested approximately $400,000 to acquire 5.5 trillion tokens. They later capitalized on two price peaks, selling their holdings for a combined sum of $121 million.
While the recent whale activity suggests continued investor confidence in Shiba Inu, the short-lived price increase raises questions about the sustainability of this momentum. Only time will tell if SHIB can maintain its upward trajectory or succumb to the broader market forces.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
