New Shiba Inu (SHIB) whale bought 850 billion tokens while it was losing 5% of its previously gained value

A new Shiba Inu (SHIB) whale has appeared on the network after purchasing nearly $40 million worth of tokens, or 850 billion tokens. According to data from IntoTheBlock, the Shiba Inu price continues to grow fundamentally while the price is down more than 5% from the local high of 0.000054. At the time of writing, SHIB is changing hands at $0.0000464.

new-shiba-inu-whale-bought-850-billion-tokens-while-it-was-losing-5-of-its-previously-gained-value

SHIB/USD 4-hour chart | Source: TradingView

New Shiba Inu whale bought $40 million worth of tokens

The trade was made 15 hours ago, while the token just started to correct and is trading at $0.000048. Unfortunately, such strong buying could not push the SHIB up and promote the local uptrend.

Shiba Inu faces a 5% correction after skyrocketing to 40%, but the underlying growth is still going strong. With more whales entering the market, Shib fundamentals are continuing to grow while the price in the market seems to be struggling to break through the $0.000046 zone.

Most whales have entered Shib with a large discount of 15% compared to the previous trading range. Whales have also become an absolute majority on the chain by buying up 72% of the circulating supply, which puts Shiba mainly in the hands of large wallets.

new-shiba-inu-whale-bought-850-billion-tokens-while-it-was-losing-5-of-its-previously-gained-value[3]

Source: Whalestats

A large number of mid- or long-term holders have always been considered a positive sign for an asset since such conditions suggest that market volatility goes down due to the absence of speculative trading volume on an asset’s trading pairs.

As for Shiba Inu, the number of mid-term holders increased significantly last week, with the number of token holders for more than a month increasing from 60% to 77% in less than a month. The number of short-term holders has also declined following the 50% correction that Shiba Inu experienced shortly after hitting the most recent all-time high of $0.00008828.

With an increasing number of medium-term holders, the Shiba network also faces a dramatic increase in the number of transactions larger than $100,000. Since November 27, Shiba has achieved more than 400 large transactions.

new-shiba-inu-whale-bought-850-billion-tokens-while-it-was-losing-5-of-its-previously-gained-value[2]

Source: IntoTheBlock

SHIB is losing 15% from the previous high of $0.000054. The token cannot continue to rise and is trading at local support. At the same time, on-chain data shows a rapid drop in trading volume, suggesting that traders are still undecided on the future direction of asset prices.

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