Shiba Inu (SHIB) sees massive purchase by major whale as price dips

Top whales have been buying the Shiba Inu dip, according to WhaleStats, as the price of meme coin is near a critical support level. Whales, or significant holders, frequently purchase at a discount during market declines or consolidation.

“BlueWhale0073,” a top ETH whale ranked 254th among the largest whales that WhaleStats monitors, just acquired 311 billion SHIB in two lump payments.

The top whale purchased 194,114,774,578 SHIB worth $2,069,263 in the first transaction to be disclosed. The second is worth $1,256,643 and consists of 117,883,960,216 SHIB. The SHIB price had been rising steadily for days when it peaked on April 16 at a high of $0.0000118 and then started to decline.

Shiba Inu saw a sharp decrease in April. Following a market-wide sell-off on April 19, Shiba Inu significantly fell due to worries about U.S. interest rates and U.K. inflation. As the losses continued, SHIB reached a low of $0.00001039 on April 20. The SHIB price is currently hanging near the important MA 200 support at $0.0000109, waiting for the next move, either upwards or downwards.

Shiba Inu bulls will have to deal with the daily MA 50 hurdle at $0.00001091 on the upside, which has prevented the SHIB price from rising throughout March. Shiba Inu is still trading negatively, down 3.68% over the past day to $0.0000105. The sell-off has caused it to lose all of its weekly gains; it was down 6.10% last week.

A subsequent test of the $0.0000102 or perhaps $0.00000964 lows may result from further falls. SHIB has been burned in three transactions totaling 9,400,010 in the previous 24 hours.

Shiba Inu army again succeeded in raising the burn rate significantly

In the past 24 hours, the SHIB army locked away another enormous quantity of Shiba Inu or burned them, according to a recent tweet from the Shibburn crypto tracker. The burn rate increased by around 250% as a result.

Over 24 million SHIB were moved to inactive wallets, yet a single anonymous whale torched half of those canine-themed coins. The burn rate has significantly increased, yet the price is still negative.

According to Shibburn’s tweet, 27,575,359 SHIB meme coins were transferred to dead addresses over the previous 24 hours, increasing the burn rate by 244.69% from the burned SHIB count on April 20.

A single transfer transferred about half of that burned SHIB stockpile to a dead wallet. 14,239,888 Shiba Inu were transferred using an anonymous wallet with the prefix -47ab0f.

The SHIB army could only burn about 9,000,000 SHIB altogether the day before, but the burn rate increased by 3,100%. No matter how high the percentage rate goes, there are still 574,067,791,438,648 Shiba Inus in existence; thus, all of these burns are little and scarcely impact the price of Shiba Inu. According to the tweet, 1,826,262,961 SHIB had been taken out of circulation during the last seven days.

Shiba Inu whales continue stockpiling SHIB in the interim. In two transactions that Etherscan identified, two whales acquired 10.8 billion and 6.7 billion SHIB, totaling nearly 17 billion SHIB. Whales frequently make bets based on minute changes in the SHIB price, purchasing billions as they fall and then selling them as they rise. The enormous quantities of SHIB they acquire and sell more than makeup for the slight price differential.


SHIB/USD 4-hour chart | Source: TradingView

At the time of writing, SHIB is trading at $0.0000106 after falling by 3% over the previous day. The meme coin has dropped 7% over the past week.

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