Shiba Inu Remains In Red Despite Whales SHIB Buying Spree
21 April 2023 - 8:00AM
NEWSBTC
Undoubtedly, bearish times are known as the time to bag potential
assets, and according to the latest data, Shiba Inu (SHIB) whales
are doing just that. However, interestingly SHIB has shown no
reaction to the whale’s buying spree. Over the past 24 hours, Shiba
Inu hasn’t made any significant move aside from a continuous
downward trend. SHIB is currently down by nearly 6%, alongside the
rest of the crypto market. Its trading volume has increased,
indicating ongoing selling pressure. Related Reading: Bullish:
Shiba Inu Whale Buys 3.48 Trillion SHIB Whales Buying Frenzy On
Shiba Inu (SHIB) In less than an hour, SHIB whales have purchased
nearly 30 billion tokens altogether, according to data from
Etherscan. The first large investor in the last hour purchased 4.4
billion tokens from Binance, followed by another investor who
purchased 19.9 billion SHIB from Coinbase. Additionally, another
investor purchased 48.6 million tokens from Binance. Other large
transactions recorded include a transfer of 1.6 billion SHIB
tokens, 2 billion tokens, and 13.5 billion transfers between
unknown wallets. Notably, this is not the first whale report this
week, 3 days ago, a Shiba Inu whale purchased 3.48 trillion SHIB
becoming the 29th biggest Shiba Inu holder. The purchase showcased
the growing interest of crypto whales on SHIB after the Shibarium
Beta Testnet, Puppynet launch. The top 100 Ethereum whales have
amassed over $601.2 million worth of SHIB, comprising almost 12% of
their combined portfolio. On average, each wallet holds
496,214,650,935 SHIB, with a value slightly exceeding $6 million.
Related Reading: Shiba Inu (SHIB) Price Momentum Screeches To A
Halt: What’s The Outlook? Reason Behind SHIB’s Decline Amid Buying
Spree? Despite the buying spree, SHIB has been experiencing a price
decline. At the time of writing, SHIB is trading at $0.00001055,
down by 5.2% in the last 24 hours. One possible explanation
for this latest bearish trend could be the crypto market’s
performance, which has affected many altcoins. Bitcoin, the leading
cryptocurrency has been experiencing a significant price decline,
which has had a ripple effect on the entire market. Another
possible factor could be the oversupply of SHIB tokens. Moreover,
SHIB has been mirroring other large assets in the past weeks, which
may have contributed to the initial price surge. Still, it is
common for crypto assets to experience a price correction after a
quick spike in their value. Additionally, investors who
bought SHIB during the initial hype may have sold their tokens to
make a profit, resulting in a price decline. Meanwhile, over the
past 3 days, nearly $500 million has been removed from SHIB’s
market cap resulting in a further decline in the asset’s market cap
valuation. On the other hand, SHIB’s daily trading volume has moved
from a low of $196 million in the past 7 days to $284 million in
the past 24 hours, indicating possible selling pressure. Featured
image from Unsplash, Chart from TradingView
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