Shiba Inu Whales On Buying Spree, Add 311 Billion Tokens During Price Dip
April 21 2023 - 11:00AM
NEWSBTC
Whales have resumed their Shiba Inu buying spree as the meme coin
price declined alongside the global crypto market. According to the
WhaleStats report, a top ETH whale picked up $3.22 million worth of
SHIB tokens over the past 24 hours. The Ethereum whale performed
the purchase in two transactions, scooping over 311 billion Siba
Inu tokens within minutes. Shiba Inu’s Price Correction Attracts
Top ETH Whales Shiba Inu has been on the list of preferred assets
among top Ethereum whales over the past few months. The whales
actively packed large chunks of SHIB tokens between January and
February. However, it appears the whales went on break, waiting for
another opportunity to strike. Related Reading: Cardano In Strong
Demand Zone, Breaking Through Key Level Crucial A recent alert from
the crypto tracking platform, WhaleStats, shows the 254th-biggest
Ethereum whale purchased 311,998,734,794 SHIB tokens on April 20.
The whale performed the transaction in two consecutive
transactions. The whale bought 194,114,774,578 Shiba Inu tokens
worth $2,069,263 before initiating another transaction for
117,883,216 SHIB worth $1,256,643. The unexpected token
accumulation comes as Shiba Inu’s price fell from its critical
support level at $0.0000107. Shiba Inu Price Outlook Amid Burn Rate
Spikes The recent price decline comes after several days of massive
SHIB token burn by the Shiba Inu community to boost the meme coin’s
price. In the days following the Shibarium PuppyNet launch, large
chunks of Shiba Inu coins went into the dead wallets. On
April 20, the Shiba Inu token burn rate spiked by 3,500%, according
to the burn tracking website, Shibburn. Following Shibburn’s hourly
update, April 20 saw another 5,180% burn rate spike. Related
Reading: Cardano Racks Up Nearly 4% Gain Amid Short-Term Losses –
Will Investors Hold Firm? Given Shiba Inu’s massive circulation
supply of tokens, the recent burn had little effect on the meme
coin’s price. The token traded bearishly yesterday, with a 7.0%
price decline, and has continued in the downtrend today. SHIB is
slightly recovering after forming three consecutive red candles on
the daily chart. The bears have dominated the market, pushing SHIB
close to its support zone. Shiba Inu has dropped below its 50-day
and 200-day Simple Moving Averages (SMA), a bearish sentiment for
the short and long term. Also, the Relative Strength Index
(RSI) is 41.22, close to the oversold region of 30. The indicator
is moving downwards, suggesting further decline for the
asset. SHIB’s support levels are $0.0000085 and $0.0000102,
with resistance levels at $0.0000115 and $0.0000112. SHIB is close
to the $0.0000102 support level. If the level does not hold, expect
further price decline from the asset in the coming days. At press
time, Shiba Inu is trading at $0.00001061, and the price is rising
after declining by 3.6%. Featured image from Pixabay and chart from
Tradingview
Mina (COIN:MINAUSD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Mina (COIN:MINAUSD)
Historical Stock Chart
From Jul 2023 to Jul 2024