Smart Whale Buys Hundreds Of Billions Of SHIB After Crash
In recent days, Shiba Inu has seen unusual price activity and industry issues. NewsBTC said that a major unfavorable trend in the stock market has affected SHIB and other cryptocurrencies. Thus, the meme token dropped to $0.00001088, its lowest level in six months.
However, many knowledgeable investors know that the crypto sector is cyclical. Seasoned investors know that price reductions are frequently good buys, particularly for assets with community backing and long-term promise. Many have bought tokens at cheap prices. On-chain data shows a SHIB whale buying hundreds of billions of tokens from a controlled exchange.
Arkham Intelligence on-chain data revealed the whale buildup. This data shows that “0x4B5C,” a whale address, bought 220.34 billion SHIB coins in 48 hours. The first and biggest transaction was the purchase of 216.397 billion SHIB tokens. Next came 3.55 billion and 400 million tokens. At the purchase, the tokens were valued over $3 million.
The tokens came via Coinbase Prime Custody, Coinbase's offering for safe digital asset storage and administration for institutional investors, according to transaction data analysis. Coinbase Prime Custody's participation suggests this whale is an institutional participant or high-net-worth person employing institutional-grade crypto services. A big move shows confidence in the token's future despite the price drop.
The latest price drop highlights meme currencies' speculative character. Bitcoin's price drop caused SHIB to fall below numerous critical support levels it had maintained for six months.
The stock has regained some losses after bottoming at $0.000011. SHIB is up 22.5% from its low of $0.000011 to $0.00001333. This rising trend shows that some investors, such address “0x4B5C,” took advantage of reduced pricing to re-enter the market or boost their holdings. SHIB is still down 16.2% in seven days after the current collapse.
