A prominent Shiba Inu trader bought 353.83 billion SHIB tokens, which are worth around $6.6 million. This deal is very important in the world of coins. Many people know about Lookonchain, an established blockchain analytics tool that brought attention to the Binance exchange.
On the market, this whale now has 838.87 billion Shiba Inu tokens, which is worth about $15.5 million. It has made $6.12 million from Shiba Inu . It was bought while Shiba Inu prices were moving. Right now they’re worth $0.00001865, which is 2.07% more than they were 24 hours ago.
SHIB Prices Drop Sharply
On the other hand, the unit has dropped sharply (22.38%) over the last month, which is in line with the market’s general downward trend. Shiba Inu is sometimes called the “Dogecoin killer,” and its price has changed a lot since it first came out. The most recent drop is like changes in the market as a whole.
Even though most people are feeling down, this significant purchase points to a plan to buy the token when prices are low in readiness for a future rise. These kinds of moves are often made by substantial buyers, or “whales,” who can change market trends with significant transactions.
We can see that the whale has a lot of faith in the future of cryptocurrencies because they have made significant investments and currently hold 838.87 billion SHIB tokens. Because the whale made $6.12 million, it was clear that they were very good at reading the market.
When big purchases like these happen, buyers may become more interested. This can lead to more speculation, which could make the price of the coin go up. This is known as the “whale effect,” and it can really shake up the market.
The whale’s substantial buy shows that they think the price will go back up, even though the token is going down at the moment. It’s possible for SHIB’s value to go up again if the market and economy get better.
