Another brand new whale has emerged on the Shiba Network after the token dropped from its highs and consolidated after the good news it received this week.
A brand new Shiba Inu whale appeared on the network after an investor bought $38 million worth of tokens. The whale that has just arrived in the net, Shiba Inu (SHIB) it bought 850 billion tokens while losing 5 percent of its previously earned value.
The transaction that took place about 17 hours ago; It happened at a time when the token was just beginning to correct and was trading at $0.0000048. Such a strong purchasing power unfortunately could not push SHIB higher and fuel the local uptrend.
With more whales entering the market, the fundamental history of the Shib is constantly improving and its market price seems to be struggling to surpass the $0.00046 area.
Other whales also remain in the sea of Shiba Inu, holding more than $2.3 billion at the time of writing, while previously holding only $1.8 billion in SHIB tokens. The change in trend and strong buying activity from whale addresses emerged as the global cryptocurrency market began to recover from the correction it was experiencing.
Most whales entered the Shib at a massive 15 percent discount compared to the previous trading range. The whales became the absolute majority on the chain, purchasing 72 percent of the circulating supply, which put Shiba mostly in the hands of the big wallets.
Shiba Inu (SHIB)At the time of writing, it is trading at $0.000045, down 12.3 percent on the day. In addition, the token is down nearly 20 percent from its previous high of $0.000054. The token failed to continue the rally it started after the listing news and is trading at local support. Alongside this, on-chain data also indicates a rapid decline in trading volume, suggesting that traders have yet to decide on the future direction of the asset’s price.
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.