Mystery Whale Buys $8.6M in SHIB as Price Drops

The market has faced a steep correction throughout this week, that appears to be affecting most all assets. Among Shiba Inu’s price dip, one mystery whale has acquired $8.6 million worth of SHIB. Indeed, the unknown large holder had acquired 332 million SHIB with those funds, according to Arkham Intelligence.

The purchases were made at the asset’s current price of $0.0000257, which is down more than 3% over the last 24 hours, according to CoinMarketCap. Moreover, the acquisition took place in two parts over the last several hours.

Also Read: Shiba Inu Forecasted To Reach 4 Cents: Here’s When

Shiba Inu Whale Acquires 332 Million SHIB Amid 4% Decline

The digital asset market has begun 2024 on an overwhelmingly positive note. The approval of 11 Spot Bitcoin ETFs had led BTC to reach a $73,000 high this month. Although a plethora of other assets reached multi-year highs, many are amid a price correction this week.

Among those is meme coin mainstay Shiba Inu, with one mysterious whale investor acquiring $8.6 million in SHIB as the price fell. Indeed, the acquisition occurred today when the meme coin faced a 4% drop. Over the last week, those losses extend to more than 21%.

Also Read: Shiba Inu: Can SHIB Reclaim $0.00004 By March End?

Arkham Intelligence report the mystery acquisitions that saw the new investors purchase 332 million SHIB. Moreover, they reported two sizeable transactions, bringing the holdings to its current total. The first saw the whale acquire the entire 320.99 billion SHIB from one wallet. Thereafter, it enacted a second transfer of 11.676 billion SHIB on the European crypto exchange, Bitvavo.

The acquisition is timed to take advantage of the fallen price of the asset. Currently, investors are eyeing when the asset could turn around and face gains. The upcoming Bitcoin halving event should be massively important for the industry as a whole. Anticipation for its arrival in April could be what the market and Shiba Inu need to reverse their current trajectory.