The price of Shiba Inu (SHIB) has seen a decline this week amid a broader correction across most cryptocurrencies. The past seven days have been tough for SHIB holders as the Meme token dropped to 0.00002584 earlier this week, a price drop of more than 15% from $0.00003069. However, the price drop appears to have created an opportunity for some large investors, known as whales, to purchase SHIB at a discount.
According to on-chain data, some new SHIB whale accounts accumulated 184 billion SHIB, worth about $4.9 million, from cryptocurrency exchanges Coinbase and Binance in the middle of this week.
New whales load SHIB during the drop
Throughout Shiba Inu’s history, the number of whale wallets holding SHIB has continued to increase. This week, on-chain transaction tracker “The Data Nerd” noticed recent accumulations in three new wallets on social media. Shared screenshots show that two of the new wallets each purchased $2 million worth of SHIB tokens from Coinbase. The last wallet accumulated $1 million worth of SHIB from Binance in 24 hours.
A check of these wallets showed that they still held these tokens. Interestingly, these wallets have started to make profits as SHIB price surged by 2% in the past 24 hours.
Can Whales Push Shiba Inu to $0.00008?
Whales often drive price action and sentiment in the cryptocurrency market. It is undeniable that after weeks of bullish action in February and March, the price of Shiba Inu is largely experiencing bearish action. The latest data from IntoTheBlock shows that SHIB whales are now leaning bearish, with a 7-day average of 123 bear whales, compared to 117 bull whales.
This momentum has seen SHIB trading between the $0.00002392 support and $0.00003308 resistance levels in this timeframe. As cryptocurrency analyst SHIB Knight points out, two bounces at support and two rejections at resistance.
However, recent purchases by new wallets and other bull whales suggest that some of them believe that the current drop is temporary and that the price will recover and move back up.
As of this writing, SHIB is trading at $0.00002736, down 23% from its highest point so far in this bull run of $0.00003592. According to cryptocurrency analyst Captain Faibik, a new technical pattern has emerged on the Shiba Inu price chart that could send its price soaring and reaching between $0.00058 and $0.00062 in the second to third week of April.
A full reversal of bullish momentum could lead the Shiba Inu to break through this price level and reach $0.00008 or even higher, especially if the majority of whales resume bullish activity.
