Since the Ethereum and Fed meeting are days away, the attention of crypto money investors is on the developments to come from here. However, the sudden price movements of SHIB and similar meme tokens should not be overlooked. Interestingly, while the market is rebounding slightly, Ethereum whales are choosing Shiba as their first target.
Whale soon bought 152 and then 700 billion SHIB
Major investors have bought 152,788,388,082 SHIB in the past two days, as WhaleStats, which tracks Ethereum whales, reports. This amount of crypto is worth around $2 million. According to an earlier tweet, these wallets held $158,510,961 worth of SHIB. The next day, the total value of the wallet dropped slightly to $156,980,847. So far this amount has dropped to $156,497,383 on SHIB.
The whales had purchased around 600 billion SHB in 24 hours on Saturday. On Sunday, they purchased 91,393,74760 SHIB at its current price for $1.2 million. However, earlier today, the price of the second largest meme token rose 3%. It went from roughly $0.00001285 to $0.00001315. As a result, a bullish pattern formed on its chart brings to mind more rally expectations.
SHIB is ready to throw a zero
cryptocoin.comAs you follow, SHIB is currently trading at $0.00001259. It has not yet cleared a zero from its price this year due to the bear market that has been prevalent since the start of 2022. Two years ago, in September 2020, the Shiba Inu took off with 10 zeros in its price. It soon touched an all-time low of $0.000000000082.
The Shiba Inu was one of the last to launch fireworks for the 2021 bull market. It reached an all-time high of $0.000088 in October 2021. Looking at the price patterns of the rises in 2021, a similar structure is seen. Looking at both times, SHIB experienced an increase over the past year. For example, in May 2021, when SHIB rose to $0.0000399 and tagged all-time highs of $0.0000088 in October 2021. It was first bullish, then bearish, followed by a flat consolidation, then another bullish start.
In current market conditions, many investors are tempted by the search for timing the bottom. Any price action following the bottom can be a net positive as this marks the lowest price in a given cycle. The price of the Shiba Inu continues to be tightly correlated with Bitcoin and the overall market at the moment. So, given how closely macro conditions are tied to the price action of the crypto market, it makes more sense to keep an eye out for a macro bottom.
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