Shiba Inu spikes above the $0.000026 price territory as whales procure trillions in an apparent accumulation spree.
Specifically, SHIB registered an intraday peak of $0.00002627 after a 7% rise from the previous day’s low of $0.00002453. However, the bullish momentum was short-lived. As of now, Shiba Inu has retraced most of its gains, trading at $0.00002551.
Notably, the recent uptick in Shiba Inu’s value coincided with a broader sense of optimism in the market, fueled by Bitcoin’s resurgence into the $70K price range. At press time, Bitcoin continues to defend the $70K threshold despite bearish forces pulling it down from an earlier intraday high of $71,735.
Whales Amass 1.356T SHIB at $0.00002596
Interestingly, with the onset of this bullish momentum, prominent investors began accumulating SHIB tokens in the trillions. Crypto surveillance account Lookonchain highlighted this development in a recent update on X.
According to the update, nine wallets, including two whales, collectively pooled $35.2 million to acquire a staggering 1.35 trillion Shiba Inu tokens.
What a crazy buy!
9 wallets(2 whales) spent $35.2M to buy 1.356T $SHIB at an average price of $0.00002596 in the past 12 hours!
Address:
0xFB67EF6fE609edAb1e0595e6815634E8E4db9cF7
0xb2f1956eAE0817dB73C4D542A4861eE485B7e7c6
0x607C26c976272459A0896065E03a9b70C0Ef04B5… pic.twitter.com/yfSUyFSLQy— Lookonchain (@lookonchain) June 5, 2024
Additionally, the update revealed that four of the investors leveraged portions of their Ethereum portfolios to acquire Shiba Inu tokens. Their entry points varied, with some purchasing SHIB as low as $0.00002557 while others entered at the peak of $0.00002620. However, the average purchase price settled at $0.00002596.
Meanwhile, Shiba Inu trading at $0.00002551 implies that the latest group of investors is currently underwater. Yet, it is conceivable that they may maintain their positions due to popular confidence in Shiba Inu’s potential for significant profits.
For instance, a savvy investor entered the Shiba Inu market on March 1, just as the asset began a bull rally that culminated in SHIB reclaiming a three-year high of $0.000045. This investor held onto their SHIB tokens for the remainder of the month before selling to realize $8.24 million in profits.
One Whale Stocked 715.9B Shiba Inu
In a previous update, Lookonchain highlighted the activity of a prominent Shiba Inu whale who solely invested $18.44 million in SHIB. Specifically, on June 5, this whale gave up 4,849 ETH tokens to acquire 715.9 billion Shiba Inu tokens.
According to the update, this whale is renowned for its significant investments in Shiba Inu. During the early stages, it spent approximately $400,000 to purchase 5.5 trillion SHIB. Later, at two peak points, it sold its holdings for around $121 million.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
