After the cryptocurrency plunges to a new local low, another whale-level address is in the millions shiba inu bought the token.
As the cryptocurrency market continues to correct and some whales are exiting their positions by investing in stablecoins, this whale doesn’t seem bothered by the 50s correction Shib is experiencing. This new SHIB whale address has purchased $36 million worth of tokens.
Previously, Shiba Inu whales had left more than 4 percent of their total assets and decided to move their funds to Tether. As for this whale, it bought SHIB for $36 million, either through an OTC Deal (over-the-counter transaction) or a private transaction.
The value of the transaction in Shib is 850 billion tokens. Unfortunately, luckily for token holders, Shiba’s price action doesn’t seem to be following the whales as it’s currently losing 6 percent of its value.
Previously, the Shiba Inu had managed to rise by 23 percent, but then quickly lost all of its gains within a few days, with the total loss from the peak reaching 50 percent overall. When encountering similar meme tokens; The Shib meme seems to follow the general pattern of bearish coins: Floki has lost 40 percent of its cryptocurrency value and Dogecoin has lost 35 percent of its most recent local peak.
At press time, the Shiba Inu is trading at $0.000041, just under $0.000043, which is considered a support zone as the token reached on November 19 and successfully tested it by bouncing back more than 20 percent.
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.