[Investors spend more than $18 million to acquire Shiba Inu]
A well-known investor who has had success in Shiba Inu (SHIB) recently increased his holdings significantly, purchasing 715.9 billion SHIB tokens. The transaction cost 4,849 Ethereum (ETH), approximately $18.44 million, and was completed within six hours. This isn't the investor's first major purchase of SHIB. They spent about $400,000 to buy 5.5 trillion SHIB tokens and sold their positions during two price peaks, making a profit of about $121 million and netting more than $120 million.
The investor’s aggressive buying behavior sparked concern and speculation in the cryptocurrency community. Given their historical success and timing, this move could signal a bullish stance on SHIB's future, or an attempt to capitalize on market dynamics to make another big gain.
In-depth analysis shows that Shiba Inu price recently hit the upper Bollinger Bands, which typically acts as a resistance level. Hitting this point and subsequently falling indicates excessive price gains in the short term. Moving Averages, on the other hand, shows that the 20-day simple moving average (SMA) is the midline of the Bollinger Bands. This line has acted as dynamic support during the recent price rise, with the price remaining above it until the latest candle.
The Volume oscillator is showing -10.10%, which indicates decreasing volumes compared to the previous period. Reduced volume during the pullback could indicate a lack of strong selling pressure at this stage, which could be a positive sign if bulls regain control.
