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Locked XRP in XRPL AMM Pools Surpass 2,100,000 As XRP Supply Shock Looms

Sam Wisdom Raphael
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Locked XRP in XRPL AMM Pools Surpass 2,100,000 As XRP Supply Shock Looms

The XRP locked in XRPL AMM pools has surpassed the 2.1 million mark, triggering speculation that the automated market maker functionality could contribute to an XRP supply shock.

The XRP Ledger is evolving into a more resilient ecosystem with the integration of impactful DeFi protocols. Particularly noteworthy is the newly implemented AMM functionality, which has garnered significant interest from network participants.

However, the XRPL AMM functionality encountered an issue that halted its utility as liquidity providers redeemed and withdrew their tokens. Due to the mass withdrawal of tokens, locked XRP was reduced to 279,000 as of April 7. 

Following the resolution of the bug, trading activities resumed, and a notable increase in liquidity provision was observed. Shortly after the amendment fix passed, the network recorded a surge in liquidity across multiple pools, with total XRP locked crossing 820K in a few hours, The Crypto Basic learned.

XRPL AMM Pools Boast 2M+ Locked XRP

In the most recent disclosure, XRPL dUNL validator Vet confirmed that this figure has now surpassed the 2.1 million mark a mere four days after the amendment fix. At the time of the disclosure, the network saw exactly 2,121,475 XRP locked in AMM pools.

However, the latest data from XRPL explorer XRPScan indicates that this figure has now increased to 2,175,911 XRP, suggesting that network participants have locked in an additional 54,000 XRP within nine hours. The value of the total XRP locked currently stands at $1.05 million against prevailing rates.

XRP Locked in XRPL AMM Pools XRPScan
XRP Locked in XRPL AMM Pools | XRPScan

On-chain data further confirms that the XRPL now accommodates 317 active AMM pools, with 180 of them holding XRP. The 2.17 million XRP are locked across these 180 active pools, with the USDC/XRP pool boasting the largest volume at 473,174 XRP.

A Looming XRP Supply Shock?

Despite the low amount of XRP locked in these pools, representing just 0.0039% of circulating supply, market commentators have argued that the AMM functionality could in fact contribute to a looming XRP supply shock. Zach Rector, a media personality, has championed this narrative.

For context, a supply shock is a sudden, significant change in an asset’s available supply, impacting its scarcity and potentially influencing its price trajectory. However, the amount of XRP locked in these XRPL AMM pools is too insignificant to trigger any supply shock.

Notwithstanding this fact, the rate at which the locked tokens have increased triggers optimism that these AMM pools could gulp a much larger portion of XRP’s circulating supply in the next few years as adoption skyrockets. Rector believes this duration could be five to ten years.

Two Market Analysts Foresee XRP Climbing to $1,000

Abdulkarim Abdulwahab
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Two Market Analysts Foresee XRP Climbing to $1,000

BarriC and JackTheRippler, two prominent analysts in the XRP community, have put forward compelling cases for XRP surging to an audacious price of $1,000. 

Despite XRP’s ongoing struggle to surpass the $1 threshold and the looming risk of a price dip below $0.5, market analysts maintain an optimistic outlook regarding its potential. Popular projections indicate the possibility of significant price surges to double-digit values like $10 and $27 this bull season. 

Meanwhile, among the boldest price targets for XRP is the projection of $1,000. The forecast came from two analysts, suggesting an extraordinary growth of 189,186% from XRP’s market value of $0.5283.

Why $1,000 is Feasible for XRP: Analyst One

Analyst BarriC put forth a compelling case outlining the potential push toward $1,000. His argument challenged the perspectives of those who have dismissed such a possibility.

BarriC initially recounted the prices of top cryptocurrencies from 2016 to the present, highlighting their astronomic growth through the years. Specifically, he referenced Bitcoin’s ascent from $330 to over $73,000. He emphasized that while BTC traded at $330, outlooks for $73,000 were nonexistent.

Using this example, BarriC highlighted the unpredictable nature of crypto valuations. He argued that just as there was skepticism about Bitcoin reaching $73,000 when trading at $330, current disbelief surrounding XRP’s prospect of reaching $1,000 mirrors these past doubts.

In parallel, BarriC emphasized that as more individuals and institutions seek digital assets, crypto valuations will soar exponentially. He also highlighted the substantial amount of personal wealth—over $400 trillion—that remains on the sidelines and has yet to enter the crypto space.

Building on this foundation, BarriC outlined his outlook for XRP on a longer-term scale, spanning 5 to 10 years rather than focusing on the short term. Within this timeframe, he holds confidence in XRP reaching $1,000, considering the potential influx of retail and institutional capital into the crypto market.

Why XRP at $1,000 is Peanuts: Analyst Two

Meanwhile, analyst JackTheRippler holds the belief that XRP reaching $1,000 is merely a modest achievement. He stressed that XRP is not comparable to shares or stocks, pointing out that its blockchain XRP Ledger serves as a utility protocol for tokenizing value. 

Accordingly, JackTheRippler highlighted the vast potential for the tokenization landscape. Specifically, he cited over $1.2 quadrillion worth of assets waiting to be tokenized, with the derivatives market alone valued at $500 trillion.

Based on these figures, JackTheRippler suggests that capturing just 10% of one market would amount to $50 trillion for XRPL. As a result, he concluded that $1,000 per XRP is a trivial target in light of the immense potential within tokenization.

What It Means for XRP to Hit $1,000

If XRP hits $1,000, its fully diluted cap would be approximately $100 trillion. Notably, the entire crypto market is worth about $2.5 trillion, with Bitcoin alone accounting for more than 50%.

Remarkably, XRP’s fully diluted cap accounts for less than 2% of the crypto market’s valuation. Consequently, the hypothetical $1,000 per XRP envisions a scenario where the crypto market boasts a valuation in quadrillions. However, this goal remains speculative.

Bitcoin Profit/Loss Ratio Indicates Possible Market Bottom

Albert Brown
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Bitcoin Profit/Loss Ratio Indicates Possible Market Bottom

The realized P/L Ratio dip below one hints at a possible Bitcoin price bottom amidst market volatility and changing investor sentiment.

Glassnode data shows that recently the Profit/Loss Ratio for Bitcoin became less than one which means that rather than profits, investors are currently realizing more losses. This measure, which shows the profitability of circulating Bitcoin by comparing the sell value of the coins with the price at which they were bought, has always been a good indicator of market sentiment. The dip below one has often preceded a local bottom in Bitcoin’s price, providing a potential signal to market watchers about impending trends.

 

Recent reports show a $126 million decrease in Bitcoin’s weekly inflow, with the market responding to various economic indicators and geopolitical developments. This contraction in inflow reflects a broader trend of cautious sentiment among investors, who are navigating through a period marked by volatility and regional disparities in investment behavior. 

Bitcoin Price Support Levels and Liquidation Events

Bitcoin analyst Willy Woo points to a critical support level at $58.9K for Bitcoin, indicating that breaching this threshold could indicate a bearish market transition. Conversely, the market might anticipate short liquidations that could propel the price between $71K and $75K, should current support levels hold. These events are contingent on market liquidity and investor reactions to price movements.

 

At press time, the 24-hour BTC (Bitcoin) chart shows a volatile market with significant price fluctuation within the period. The day started with a sharp decline, with the price dropping to a low of approximately 64.45K USD. However, the price experienced a robust recovery following this dip, steadily climbing and peaking at around 66.31K USD. The overall trend indicates a recovery from the initial drop, with a strong bullish sentiment taking over as the day progressed.

The current cosolidation phase of Bitcoin at prices near all-time highs is a process allowing for a stable distribution of assets among investors, setting the stage for a more solid recovery. This period of lateral movement is a sign of a market in a state of flux, and with the upcoming halving event, further volatility is expected. However, analysts suggest this could strengthen the coin’s foundation for future growth.

Institutional Interest and Regional Dynamics

With the approval of a spot Bitcoin ETF by Hong Kong regulators today, there is potential for increased institutional engagement from Asia, providing a new source of capital inflow into Bitcoin. Additionally, varying investment trends across regions emphasize the divergent responses to the current market dynamics.

The recent price actions and market indicators serve as a complex backdrop for Bitcoin’s short to mid-term outlook. As the market faces these developments, the Realized P/L Ratio’s fall below one is a possible predictor of Bitcoin’s future price trajectory.

Cardano Trails Elliott Wave Structure with Target Set at $6 Upon Fifth Wave Completion

Sam Wisdom Raphael
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Cardano Trails Elliott Wave Structure with Target Set at $6 Upon Fifth Wave Completion

Cardano is currently following an elaborate Elliott Wave structure, with a market analyst expecting the completion of the fifth wave to culminate in a rally to the $6 level.

The market-wide turbulence dealt a blow on Cardano’s price action, triggering a collapse below the $0.62 and $0.60 support levels on April 9. ADA showed resilience following this decline, holding above the $0.55 territory on April 10 and 11 despite the strong bearish pressure.

However, the strength of the bulls waned on April 12, leading to a massive 14.19% decline. This marked Cardano’s largest intraday loss this year. ADA broke below the psychological support levels between $0.54 and $0.50, plunging to a new yearly low of $0.45.

Before April 12, the last time Cardano saw $0.45 was last December. Despite recovering from this $0.45 low on April 12, ADA faced another round of bearish shenanigans, eventually relinquishing the $0.40 level to reach the Dec. 1, 2023 lows at $0.3994. Cardano quickly recovered from this level, but continues to trade below $0.50.

Cardano Trades in an Elliott Wave Pattern

Amid the downtrend, a prominent market analyst known as illuminati_KO27 unveiled a TradingView analysis today suggesting that ADA might actually be following a pattern that would eventually result in a bullish breakthrough. He cited historical data to corroborate his claims. 

According to the analysis, Cardano is currently trading within the same five-wave Elliott Wave structure it encountered from 2020 to 2021 that culminated in a rally to an all-time high of $3.31. For context, the Elliott Wave pattern began in March 2020, when ADA changed hands at $0.04.

Cardano Elliott Wave Structure
Cardano Elliott Wave Structure

The first wave saw Cardano rise to $0.14 in August 2020 before collapsing to $0.08 during the second wave. Cardano recovered from this decline, surging to $2.47 in May 2021 upon the completion of wave three. The fourth wave saw a mild decline before ADA rose to $3.1 in September 2021 in the fifth wave.

The latest analysis indicates that Cardano is now following this Elliott Wave structure, having completed the first wave when it rose from $0.24 in October 2023 to $0.81 on March 14. However, ADA is now trading in the second wave, featuring the latest downtrend that saw it drop to $0.3994 two days back.

ADA Could Rise to the $6 Level

Once this downtrend ends with the completion of wave 2, the analyst expects the third wave to take Cardano to the $3.4 territory, aligning with the Fibonacci 1.618 level. Data suggests that ADA could face a correction below $2 during the fourth wave and then soar to the $6 price when wave 5 completes.

Cardano currently trades for $0.4729 despite a 6% increase since yesterday, looking to breach the $0.4969 resistance level for a push toward $0.50. From its current position, ADA would need to increase by 1,168% to reach the projected $6 price.

Cardano 1D Chart
Cardano 1D Chart

Despite the ambitious nature of the $6 price, some market analysts predict more audacious targets. For instance, Ali Martinez believes ADA has the potential to reach $9 sometime in the future. Chris, a Cardano proponent, presented two possible scenarios this month which could see Cardano hit $7.7 or $9.7.

XRP Records 19.92% Gain from Recent Dip from $0.43

Abdulkarim Abdulwahab
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XRP Records 19.92% Gain from Recent Dip from $0.43

XRP has predominantly shown bullish momentum today, climbing back to the $0.52 range, amounting to a 19.9% gain from the recent crash from $0.4336.

Over the past day, XRP has reached a daily high of $0.52, marking an 8.8% gain from the intraday low of $0.4779.

Meanwhile, XRP reached its lowest point since 2023 on Saturday, when it tanked by more than 21% to $0.4336. The last time XRP traded at this level was before its legal victory, notably back in May 2023.

XRP Sees 19.92% Gain from $0.4336 Low

Accordingly, XRP’s rise to $0.52 represents a significant recovery, particularly considering it reflects a 19.92% increase from its weekend low.

XRP registered this gain amid a trading volume of $2.3 billion. Interestingly, it recorded such a high trading volume despite witnessing a 51.20% dip compared to the previous day’s value.

XRP CoinMarketCap
XRP Trading Volume | CoinMarketCap

Notably, XRP’s surge reflects the sentiment surrounding the broader market, which is seeing a relief rally after the massive dump that occurred over the weekend.

XRP Gain May Not Last

Meanwhile, several technical indicators on TradingView have suggested that XRP’s recent upswing might not be sustainable. The 4-hour and one-week timeframes show moving average indicators for XRP, issuing a strong sell signal.

This perspective is reinforced by analyst Alan Santana on TradingView, who maintains his bearish stance on XRP. He highlighted a notably bearish outlook on XRP’s one-week chart, indicating a potential downturn of up to 40%. He anticipates XRP dropping to as low as $0.2903 soon. As a result, Santana disclosed opening a short position against XRP.

Interestingly, this strong bearish sentiment contrasts with the prevailing bullish perspective of XRP surging into the $1 range this month. 

At the end of last month, analyst Tylie Eric predicted a 60% rally that would propel XRP to $1 within nine days. However, contrary to the forecast, XRP continued to succumb to bearish pressure, establishing lower lows. 

Similarly, analyst Dark Defender also foresaw a $1 target for XRP this month, aligning with previous forecasts that proved accurate. Moreover, Dark Defender emphasized XRP’s potential for a short-term surge to $2.31, likening it to a springboard. 

Shiba Inu Records Largest Burn in a Month as 650,000,000 SHIB Moves to Dead Wallet

Sam Wisdom Raphael
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Shiba Inu Records Largest Burn in a Month as 650,000,000 SHIB Moves to Dead Wallet

Shiba Inu just recorded its largest burn transaction in over a month, as a single wallet recently sent exactly 650,000,000 SHIB tokens to the burn address. 

The Shiba Inu community has upheld the burning campaign despite relative silence, making occasional contributions to help bolster the deflationary trend. As a result, community members and ecosystem projects have continued to send millions of SHIB to the dead wallet.

However, SHIB recently recorded one of the most significant burn transactions in recent times, triggering a spike in the burn rate. Notably, an unknown wallet sent 650 million Shiba Inu to the burn address yesterday at 1:31 AM (UTC). 

Details of the Transaction

At the time of the transaction, Shiba Inu changed hands at $0.000021 after recovering from the slump that saw its price collapse to a one-month low of $0.00001830 on April 13. The 650 million SHIB were valued at $13,650 at the time of the transaction, marking the single largest Shiba Inu burn in over a month.

The last time the community saw a more substantial burn was on March 9, when over 3.8 billion Shiba Inu tokens got incinerated. Despite sustained efforts, the community had not witnessed the incineration of up to half a billion tokens until now.

Substantial burns such as this are typically carried out by community-driven projects looking to support the camps. Despite intense investigation, The Crypto Basic could not find any affiliation between the wallet responsible for the latest burn and any community project.

However, on-chain data confirms that the wallet belongs to a long-term Shiba Inu investor who has been interacting with SHIB since last August. While it has a rich history of inflows and outflows involving Shiba Inu, the 650 million burn represents its first burn transaction. The wallet now holds 81 million SHIB.

Shiba Inu Burn Campaign Sustained 

Following the latest burn, the total incinerated amount now stands at 410,725,564,269,356 (410.725 trillion) SHIB, data from community-driven burn tracker Shibburn confirms. Shiba Inu’s total supply now sits at 589,274,435,730,643 (589.274 trillion) tokens, out of which 582.8 trillion are in circulation.

Most of the recent burn transactions have come from Shibarium, as the layer-2 network continues to support the campaign. The last Shibarium-powered burn occurred last month, involving the incineration of 13.4 billion tokens on March 9.

Following the 13.4 billion burn, burns from Shibarium increased to a whopping 56 billion. It is worth mentioning that, as of press time, Shibarium-powered burns are manual. Nonetheless, the development team is looking to transition to an automated burn system.

Whales Move 452,869,591 XRP to 3 Top Exchanges Amid 5% Gain

Abdulkarim Abdulwahab
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Whales Move 452,869,591 XRP to 3 Top Exchanges Amid 5% Gain

As XRP price recovers from the weekend’s dip, on-chain data shows multiple movements of XRP tokens to exchanges within the last few hours, sparking bearish concerns.

Over the weekend, XRP revisited the $0.43 range following a 21% price collapse influenced by Bitcoin. However, within the past day, the asset has engineered a notable comeback, reclaiming the $0.5 range. In particular, XRP is up by over 5.3%, with its price currently at $0.5165.

Amid this recovery, Whale Alert has indexed XRP transfers worth millions of dollars from multiple unknown wallets to three top centralized exchanges: Bitvavo, Bithumb, and Bitstamp. These transactions occurred within the last 24 hours.

Exchanges Receive 452M XRP

The earliest transaction occurred through Bitstamp. At 06:47:31 PM UTC yesterday, the exchange took a store of 22 million XRP, valued at over $10.8 million, from an anonymous wallet.

However, a more staggering movement of XRP, worth over $200 million, surfaced within the last three hours. In particular, the prominent Korean exchange Bithumb received 390,869,591 XRP worth $201,100,740 from an unknown wallet.

Within an hour of the significant Bithumb transfer, Bitvavo exchange’s public wallet received 40 million XRP in two transactions from unknown wallets, totaling over $20.6 million. Cumulatively, within the last 24 hours, these three exchanges have received 452,869,591 XRP from exchanges. The transactions hold a monetary weight of $232,603,38.

These recent massive movements have sparked mixed reactions from crypto community members. Moreover, the timing has added to the speculation. Considering the weight, X user Daniel speculated that XRP could soon be witnessing a big dump.

The Unknown Whales

Meanwhile, further scrutiny of XRP Explorer Bithomp provided little hints regarding the entities behind the XRP transactions.

As for the over 390 million XRP transfer to Bithumb, the explorer noted the source wallet belongs to Bithumb, indicating an internal exchange movement. Meanwhile, for Bitstamp and Bitvavo, the source of the XRP inflow remains unknown.

Overall, these inflows to exchange closely follow Ripple’s decision to move out 100 million XRP to an unidentified wallet, sparking sell-off concerns.

This Pattern Signals Shiba Inu Return to $0.000045 As SHIB Slumped 48% Since March

Sam Wisdom Raphael
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This Pattern Signals Shiba Inu Return to $0.000045 As SHIB Slumped 48% Since March

Shiba Inu is currently 48% down from its yearly peak of $0.00004567, but a market analyst has identified the formation of a pattern signaling an imminent return to $0.000045.

Following its crash at the start of the month, SHIB consolidated in the days that followed, capitalizing on the market recovery to eventually reclaim the $0.00002954 territory on April 9. However, the end of last week introduced a bearish trend that saw Shiba Inu collapse to new lows.

SHIB recorded three consecutive days of intraday losses from April 11 to 13, resulting in a massive 26.71% crash which culminated in a drop below the pivotal $0.00002 support level. Notably, Shiba Inu collapsed to a six-week low of $0.00001830 before witnessing a quick rebound.

Despite the rebound, SHIB still trades at its lowest level since March 4. Amid the current market conditions, Trade Byte, a crypto market analyst, called attention to Shiba Inu’s low position compared to its recently attained yearly peak. 

The market watcher noted that Shiba Inu was down 52% from the $0.000045 peak of March 5. At the time, SHIB traded for $0.00002175. Shiba Inu has recovered some of its lost value since the analyst’s disclosure, up 4.82% over the past 24 hours to trade at $0.00002348.

Shiba Inu Forms Falling Wedge

This mild upsurge has been sufficient enough for SHIB to recover most of its losses, as it is still down 48% from the $0.000045 yearly high. However, Trade Byte emphasized that this downward slope has resulted in a pattern that could signal a massive upward surge for SHIB.

Interestingly, Shiba Inu has formed a falling wedge amid its collapse from $0.000045. For context, a falling wedge is a pattern characterized by converging trendlines sloping downward. It typically signifies an imminent bullish reversal in price, suggesting that the current downtrend may be nearing an end.

With SHIB now moving closer to the apex of the wedge pattern, Trade Byte expects it to return to the $0.0000456 peak once it breaks above the upper trendline. Notably, Shiba Inu would face a major roadblock at the $0.00002486 level, aligning with the 50-day exponential moving average (EMA).

SHIB Currently Oversold

Depending on how long it trades within the falling wedge, a breach of the upper trendline could come between the $0.000024 and $0.000026 price range. Once this pivotal zone is conquered, Shiba Inu would need to push above Fibonacci 0.5 aligning with the $0.00002782 level, and Fib. 0.618 at $0.000032.

Shiba Inu 1D Chart 3
Shiba Inu 1D Chart

SHIB’s technicals support an imminent push upward, as its Commodity Channel Index (CCI) has a current value of -140.85. A CCI of -140.85 indicates that Shiba Inu is oversold, suggesting that it has enough room for further growth. SHIB is also seeing massive whale accumulation, which could help bolster its price growth.

Shiba Inu: Five Rules To Invest in Shibarium Projects From Lucie

Abdulkarim Abdulwahab
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Shiba Inu: Five Rules To Invest in Shibarium Projects From Lucie

Shiba Inu ecosystem official Lucie has issued her new guidelines for investing in projects building Shibarium, the ecosystem’s dedicated layer-2 blockchain. 

In a recent post on X, Lucie, a content marketing specialist, unveiled five new policies to guide her endorsement of Shibarum projects. The policies concern the project’s efforts and contribution to improving the Shiba Inu ecosystem. Lucie clarified that the five policies outlined were her own and did not represent the views of the Shiba Inu development team.

The Five New Policies

According to Lucie, one of the first factors she would examine before investing in a Shibarium project is the project’s contributions towards SHIB burn. “How much SHIB does this project burn,” Lucie would ask.

Aside from the SHIB burns, Lucie would query the project’s efforts regarding Shibarium’s gas token, Bone ShibaSwap (BONE). Specifically, she would affirm whether the project burns BONE or creates a utility around it that would promote its appeal.

Also, the project’s planned utility of Doge Killer (LEASH), another Shiba Inu ecosystem token, if any, would be scrutinized. Furthermore, the Shiba Inu ecosystem representative noted that she would also examine whether the project has plans to build in the Shiba Inu Metaverse.

Moreover, Lucie would take into account the positive contributions with blockchain evidence that the project has made for Shibarium.

Meanwhile, Lucie has stressed that the outlined five policies are strictly her own and do not necessarily reflect the views of the Shiba Inu development team. She also stressed that these should not construe financial advice for investors.

Shiba Inu Projects Already Fulfiling Lucie’s Rules

Simultaneously, the Shiba Inu official cited examples of Shiba Inu projects she has endorsed that already align with her newly unveiled policies. Leading the list was WoofSwap, a marketplace for Shibarium inscription tokens.

Lucie disclosed that WoofSwap has contributed to burning SHIB tokens through the inscriptions market. Now, the project is burning BONE tokens via the newly launched meme coin DAMN.

Furthermore, Lucie cited Shib Dream and Shib CoOp as two projects actively contributing to the SHIB Metaverse.

Other projects mentioned include K9 Finance, a liquidity staking platform for BONE; LumiBots, which actively promotes Shibarium adoption; Mantra Protocol, Nest XNFT, and Shib CoOp, which aid in NFT adoption on Shibarium; and DEX MARSWAP, which facilitates Shiboshis staking.

Shiba Inu Investors Scoop up 223,287,233,158 SHIB as Price Falls

Sam Wisdom Raphael
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Shiba Inu Investors Scoop up 223,287,233,158 SHIB as Price Falls

Shiba Inu whale addresses have embarked on a buy-the-dip frenzy, accumulating over 223 billion SHIB tokens following the price crash to $0.00001830.

The recent market crash resulted in shocking price declines, as the tension around the Israel-Iran situation and the hotter-than-expected U.S. inflation data further exacerbated bearish pressure. Notably, investors pulled their funds from risk assets, leading to a global collapse.

Shiba Inu Drops to $0.000018

Market data confirms that the stock market also recorded massive declines. The Nasdaq Composite dropped to $16,146 on Friday, while the S&P 500 declined to a 1-month low of $5,123. In addition, the price of crude oil saw a steep drop to $85 on Friday.

With this observable crash across multiple stocks and commodities, Bitcoin’s (BTC) drop triggered a price crash in the broader crypto market. This resulted in Shiba Inu collapsing below the pivotal $0.00002 support for the first time over six weeks. 

Large Whales Procure 223B SHIB

However, as panic spread across the scene, SHIB witnessed what appeared to be an accumulation frenzy among large whale wallets. The Crypto Basic discovered four of these deep-pocketed addresses over the last 24 hours, with a buy-up spree that saw them amass over 223 billion SHIB amid the price volatility.

One of the earliest incidents involved the purchase of 107.1 billion Shiba Inu tokens by a new whale address from Coinbase yesterday at 9:38 AM (UTC). The transaction occurred a few hours after Shiba Inu collapsed to the 6-week low of $0.00001830 on April 13. 

Shortly after this transaction, another new whale address scooped up billions of SHIB from Coinbase across three transfers. The first transaction involved 23.3 billion Shiba Inu tokens at the same time as the earlier highlighted movement. Interestingly, these tokens came from the same Coinbase wallet involved with the earlier movement.

The second and third transactions also came from this Coinbase wallet, but occurred much later, with one involving 27.39 billion SHIB at 2:54 AM (UTC) today and the last one involving the accumulation of 21.92 billion Shiba Inu tokens at 4:26 AM (UTC). 

Remarkably, the accumulation trend spilled further, with a well-established whale address joining the bandwagon. This whale procured 13.7 billion SHIB today at 5:08 AM (UTC). A few minutes after this, another well-established address received 29.6 billion tokens from Coinbase. 

SHIB Rises 6.61% in 3 Hours

An interesting point to note is that all these addresses have held onto their SHIB tokens. As a testament to this buy-the-dip campaign, The Crypto Basic revealed this morning that Bitcoin investor Oscar Ramos recently declared his intention to procure more SHIB amid the price dip.

Meanwhile, Shiba Inu has set itself up on a recovery path, with these purchases now seeing unrealized profit at the current price. SHIB has increased by 6.61% over the last three hours, currently trading for $0.00002368. Its daily Commodity Channel Index (CCI) now sits at -138, suggesting that SHIB is currently undervalued.

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