Whales Amass Over 223 Billion Tokens Amidst Price Drop

On Apr 16, 2024

The cryptocurrency industry had quite the weekend. However, all the assets seem to be recovering. Shiba Inu [SHIB] jumped in on this trend after crashing to a low of $0.00001830. Amidst this chaos, a whale address decided to make the most out of the latest drop and scooped up 223 billion SHIB tokens.

A prominent whale managed to beef up their Shiba Inu holdings with the recent downtrend. About four of these deep-pocketed addresses that were on a shopping spree in the last 24 hours were discovered. The first move was discovered when a whale address snapped a whopping 107.1 billion SHIB from Coinbase. The purchase was made right after SHIB dipped to a six-week low. This further highlights how the transaction was a strategic maneuver to leverage the discounted price.

Right after this, another new whale emerged and went on to carry out several transactions. The whale acquired billions of SHIB from Coinbase. It should be noted that the tokens originated from the same Coinbase wallet that was part of the earlier transactions. This further hints at a deliberate accumulation strategy.

Following this, a well-established whale jumped in to explore the waters. The whale pocketed 13.7 billion SHIB tokens. Right after this, another whale purchased 29.6 billion tokens from Coinbase. All these whales were clearly on a mission to capitalize on the market downturn.

Also Read: The 1 Cent Dream: When Will Shiba Inu (SHIB) Reach $0.01?

Shiba Inu’s Path To Recovery

Amidst this whale activity, Shiba Inu recorded a 6% rise over the last 24 hours. The asset, at press time, was trading at $0.0000233. It looks like this sentiment will endure throughout the week and SHIB is projected to surge to a high of $0.00003188 later this week.