Shiba Inu Giant Whale spent US$6.6 million to purchase SHIB. What is the market trend?
Recently, the cryptocurrency community received shocking news: a Shiba Inu (SHIB) whale spent $6.6 million on the Binance platform to purchase a whopping 353.83 billion SHIB tokens. This transaction has attracted the attention of Lookonchain, a well-known blockchain analysis platform.
This giant whale currently holds 838.87 billion SHIB, worth approximately US$155 million. More importantly, his profits through SHIB have reached as high as $61.2 million. This large purchase comes at a time when SHIB's price trend is complicated. Currently, SHIB is trading at $0.00001865, an increase of 2.07% from 24 hours ago.
However, SHIB price has dropped significantly by 22.38% in the past 30 days, reflecting the overall bearish trend of the market. Shiba Inu, often nicknamed the “Dogecoin killer”, has experienced dramatic price fluctuations since its birth. The recent decline is just a microcosm of the broader market trend.
Although the market is in a downturn, the whale's movements reveal a hint of strategic meaning - he chose to buy a large amount of SHIB at low prices, which seems to indicate confidence in a future price rebound. This strategy is not uncommon among large investors, or "whales," who are often able to influence market trends with their huge trading volumes.
The far-reaching impact of giant whale movements
This giant whale chose to purchase SHIB in large quantities and hold a total of 838.87 billion tokens, which undoubtedly shows his firm trust in SHIB's future prospects.
At the same time, his profit of up to US$61.2 million also proved his ability to accurately grasp market timing.
Such large-scale transactions often trigger attention and speculation among retail investors, which can drive cryptocurrency prices higher. This "whale effect" not only affects direct transactions, but may also have a knock-on effect on overall market dynamics.
Although the current market environment for SHIB is not optimistic, the whale's huge investment has undoubtedly injected a boost into the market, suggesting that a price rebound may be around the corner.
