An anonymous whale bought $2 million worth of Shiba Inu (SHIB) in the last 24 hours, according to on-chain watchdog CryptEye. The purchase came amid the strong sell-off that swept the entire market following US inflation data.
Shiba Inu whale turns fall into opportunity
At the same time, another crypto portal, WhaleStats, says that Ethereum whales continue to hold large amounts of SHIB. So, according to new data, the 2,000 largest Ethereum whales have $160 million worth of Shiba Inu tokens.
Has the Shiba Inu reached the bottom?
As of September 13, more than 1.3 trillion Shiba Inu tokens have accumulated after a 6% drop in price. According to ShibaPlay, a SHIB watchdog, transactions have been taking hundreds of millions of dollars since the second largest meme token lost control at key support levels.
At the time of writing, SHIB was not working on recovery. Price monitoring platform CoinMarketCap showed that SHIB is trending further down with a 4.13% drop. The simultaneous occurrence of these suggests that the short-term bottom of the SHIB is almost in.
What exactly is the strategy?
These whales not only bought large quantities of SHIB, many of them transferred in much the same way. According to ShibaPlay, a whale who bought 193,923,219,456 SHIB transferred it, according to its Etherscan receipt.
Subsequent processes followed a similar path. With the wake of the warning coming, the idea of ”buying by the branch” was something to consider. SHIB may not be done with price drop relative to MACD. With the difference between the 26-period and 12-period EMA at the bottom of the histogram, bearish momentum was still in play.
However, both the buy (blue) and sell (orange) forces on the MACD were also negative. This also says that the price of SHIB could drop further, especially as its sales force is in a pole position on buying pressure.
The Awesome Oscillator (AO) also revealed a result in line with the MACD. The indicator shows the trend in the reds and there were no bullish bids. But does this mean that SHIB accumulation could exceed two trillion?
SHIB on-chain analysis
Presumably this is a case of SHIB whales talking back to investors. The data from Glassnode seemed to agree with the whales who bought the purchased SHIB from exchanges. The blockchain analytics platform showed that the currency balance recorded on September 12 fell. While it was 168.29 trillion on the said date, close to one trillion SHIB have been issued since then.
However, the overall volume of SHIB has decreased over the past 24 hours. Santiment also revealed that active deposits are not that impressive. It may therefore be possible that it was only whales who saw an opportunity for accumulation. Even so, the chances of buying another bottom were on the high side.
cryptocoin.comAs you follow, SHIB is currently trading at $0.00001222. After the release of US inflation data on September 13, it started to decline.
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