An anonymous Shiba Inu whale made a massive purchase worth nearly $1 million when the meme token hit a local bottom.
The wallet made a big purchase on March 5, according to data from WhaleStats, which tracks the movements of whale wallets. The receiving address currently holds $109.2 million worth of various cryptocurrencies, including Shiba Inu, USDT, SAND, and MANA.
The second largest investment in the whale’s wallet is Tether’s USDT stablecoin on the Ethereum blockchain. Unfortunately, the wallet in question is not listed in WhaleStats’ list of top Ethereum addresses, so there is no way to determine the performance of the wallet and specifically the Shiba Inu location.
SHIB’s market performance
According to TradingView, the Shiba Inu fell to the local low of $0.000023 and also reached the 200-day moving average line, which acts as a support zone for the token.
Earlier, SHIB jumped from this level to $0.000028 with the support of the market recovery. Unfortunately, the massive acquisition by whale also failed to help the meme token with its $12.9 billion market cap.
At the time of writing, the token is trading at $0.00002375 and is down almost 4% from its value in the last 24 hours.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.