As a crypto investor who has been following Shiba Inu closely, I’m excited to see the recent buying activity from some of the coin’s largest whales. The fact that one particularly successful SHIB investor is making large purchases again is a strong signal for me. This investor made over $120 million in profits during Shiba Inu’s early days, and their current buying frenzy suggests they believe in the potential for another bull run.
Shiba Inu has rebounded from significant price support at $0.00002379 following some intriguing activity by large investors, or “whales,” in the cryptocurrency market. Notably, a well-known SHIB trading expert has been purchasing vast quantities of Shiba Inu tokens, as indicated by on-chain data. This trader gained substantial profits from Shiba Inu during its early stages and appears to be preparing for a potential bull market for this meme coin.
Shiba Inu Whales Enter Buying Frenzy
Shiba Inu has a significant number of cryptocurrency tycoons, often referred to as “whales,” whose trading activities can sway the market decisions of other investors. As reported by on-chain analysis firm Lookonchain, several whale wallets have been acquiring large amounts of SHIB tokens in the last 24 hours. Among these purchases is an extraordinary one made by a prosperous SHIB investor. According to Lookonchain’s data, this investor has bought 715.9 billion SHIB tokens within a short span of less than six hours, investing a substantial sum of $18.44 million, equivalent to 4,849 ETH.
In just a short time, the surge in demand among meme coin traders propelled Shiba Inu from obscurity to immense popularity, turning some early investors into cryptocurrency millionaires almost overnight. One such investor amassed a fortune of over $120 million by purchasing approximately $400,000 worth of SHIB and selling it for more than $121 million during two significant price peaks in 2021.
As a researcher studying cryptocurrency market trends, I’ve come across an intriguing development: a major investor has purchased an enormous amount of SHIB within the past 6 hours, spending an approximate total of 4,849 ETH, equivalent to around $18.44 million USD. This investment translates to over 715.9 billion SHIB tokens acquired.
This guy spent only ~$400K to buy 5.5T $SHIB in the early stage and sold for ~$121M at 2 peaks.
He made more than $120M on $SHIB before, an amazing gain!…
— Lookonchain (@lookonchain) June 5, 2024
It’s intriguing to note that Lookonchain revealed the purchases weren’t completed in one go, but instead were made through three different addresses. An examination of Etherscan data uncovers that each wallet was used for multiple transactions, resulting in a balance of 323 billion, 352 billion, and 234 billion SHIB tokens respectively at the current moment.
What’s Next For SHIB?
The unusual nature of the SHIB transfer, combined with the investor’s past successes, has sparked rumors among traders that this could be an insider or an early member of the Shiba Inu team. At the same time, the large-scale buying pattern of this investor is boosting demand and adding pressure to buy, offering a welcome respite during a significant decrease in SHIB’s burn rate.
In a recent social media update, Lookonchain disclosed that nine different wallets have collectively invested $35.2 million to acquire approximately 1.356 trillion SHIB tokens at an average cost of around $0.00002596 within a 12-hour timeframe. Typically, the price trend for SHIB is favorable when large investors like whales are amassing tokens from exchanges.
What a crazy buy!
As a crypto investor, I’m excited to share that within the past 12 hours, nine wallets, two of which are identified as whales, have collectively invested $35.2 million to acquire approximately 1.356 trillion Shiba Inu ($SHIB) tokens. The average price they paid for each token was around $0.00002596.
These are Ethereum addresses represented in hexadecimal format:
— Lookonchain (@lookonchain) June 5, 2024
SHIB experienced some intriguing price fluctuations over the past month. Following its lowest point of $0.00002167 on May 13, SHIB‘s value surged by nearly 32% to hit $0.0000287 on May 29. However, it then reversed and rebounded from a support level at $0.00002379.
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2024-06-06 20:47