$SHIB Whale is back in the dumps, can the SHIB price shoot up to US$0.00008?

In the ever-evolving crypto world, Shiba Inu (SHIB) has become a prominent name, especially among memecoins, attracting the interest of investors and traders. Over the last week, SHIB experienced a notable price drop amid a broad correction that affected most of the crypto market.

This period has been particularly challenging for holders of SHIB, as the price of this memecoin fell to a low of US$0.00002584 earlier in the week. This marks a significant decrease of more than 15 percent from the previous value of US$0.00003069.

Nonetheless, the decline in SHIB prices has provided an opportunity for large investors, commonly referred to as whales, to acquire SHIB at a discount.

Whales Return to Shiba Inu Crypto  $

Bitcoinist reported that, during this tumultuous week, on-chain data revealed several new SHIB whale accounts had emerged, collectively raking in 184 billion SHIB, worth around US$4.9 million. These purchases were made from leading crypto exchanges such as Coinbase and Binance, highlighting strategic moves by these investors to capitalize on falling prices.

The acquisition of a large amount of SHIB by a whale account was recently emphasized by on-chain transaction tracker The Data Nerd on social media.

Detailed analysis shows that two of these accounts each invested US$2 million in SHIB tokens via Coinbase, while the third account secured US$1 million in SHIB from Binance. This activity occurred within a 24-hour period, highlighting the swift action taken by these investors.

Further inspection of these wallets showed that they had been holding their SHIB tokens, indicating a long-term investment strategy. Interestingly, the SHIB price increase of 2 percent in the next 24 hours has seen these wallets already see profits from their investment.

These rapid changes illustrate the volatile nature of the crypto market, where fortunes can change quickly.