There’s been a notable surge in Shiba Inu’s recent price action, with the meme coin bouncing back impressively from a major price support at $0.00002379. This spike may be traced to impactful movements from the so-called ‘crypto whales’. Encouragingly, on-chain data archives revealed that one specific Shiba Inu trading maestro is making remarkable strides by buying SHIB in colossal amounts. This trader, celebrated for securing a significant fortune on Shiba Inu during its wild nascent days, now hints at gearing up for a possible bullish run for the quirky cryptocurrency.
Shiba Inu has long been a thrilling playground for numerous crypto whales whose often erratic buying and selling patterns can trigger tidal waves of influence over their fellow traders. An engrossing observation made by an on-chain analysis firm, Lookonchain, disclosed an intriguing fact. Several whale wallets have been hurriedly scooping up SHIB tokens by the thousands over the past 24 hours. While this accumulation trend is a common sight, one particular acquisition stands out. This purchase, made by a certain affluent SHIB player, has got the crypto world buzzing as the investor has been purchasing SHIB in a buying spree, shelling out 4,849 ETH or $18.44 million to acquire a whopping 715.9 billion SHIB tokens in under six hours.
The investor in question is no novice in the game. Shiba Inu, with its thunderous overnight surge in popularity among meme coin experts, catalyzed the rise of several overnight crypto millionaires. This particular player, notorious for pocketing over $120 million in profit during the early innings of Shiba Inu, made a substantial fortune by buying $400,000 worth of SHIB which he soon sold off for $121 million over two peaks in 2021.
In an intriguing twist, Lookonchain further revealed that these impulsive purchases did not happen in one fell swoop. Instead, they were carefully made across three different addresses, making the purchase patterns even more fascinating. A dig through etherscan data further exposes that the purchases in each of these wallets were made in several transactions, leaving the wallets swelling with respective balances of 323 billion, 352 billion, and 234 billion SHIB tokens as of now.
This intriguing transfer pattern, combined with the investor’s legendary success with SHIB has sparked a wildfire of speculation among traders. Speculation is running wild – could this be an insider game play or even a member of the Shiba Inu’s original team flexing their knowledge of the game? Regardless of the truth, the whale’s spending spree has ignited much-needed optimism, which is likely to fuel an increase in buying pressure amidst a significant decline in the SHIB burn rate.
In yet another social media revelation, Lookonchain shared that nine wallets had collectively spent a cool $35.2 million to secure 1.356 trillion SHIB tokens at an average cost of $0.00002596 within 12 hours. In general, SHIB has often observed a positive price movement when whales are siphoning off tokens from exchanges.
Shiba Inu’s rollercoaster ride over the past month has been nothing short of dramatic. From a low of $0.00002167 on May 13, SHIB gained 32% ground to reach $0.0000287 on May 29, only to pull back and bounce off a support at $0.00002379. This unpredictable journey has reaffirmed SHIB’s continued potential as a high-stakes player in the meme coin frenzy. Despite the inevitable drops, the recovery rate is indicative of SHIB’s unrelenting vibrancy and allure.
