Shiba Inu Surges Above $0.000026 Amid Whale Activity
The price of Shiba Inu has spiked above the $0.000026 mark as large investors scoop up trillions of tokens in what appears to be a buying spree.
SHIB reached an intraday high of $0.00002627 following a 7% increase from its previous low of $0.00002453. However, the bullish trend was short-lived, and Shiba Inu is currently trading at $0.00002551.
This surge in value for Shiba Inu coincided with a general sense of optimism in the market, driven by Bitcoin’s rise back to the $70,000 price level. Bitcoin is currently holding steady at the $70,000 mark despite some downward pressure after hitting an intraday high of $71,735.
Whales Accumulate 1.356T SHIB at $0.00002596
During this bullish period, notable investors have been accumulating large amounts of SHIB tokens. Lookonchain, a cryptocurrency monitoring account, reported that nine wallets, including two whale accounts, collectively spent $35.2 million to acquire a massive 1.35 trillion Shiba Inu tokens.
Some investors used parts of their Ethereum holdings to purchase SHIB, with entry points ranging from $0.00002557 to $0.00002620. The average purchase price settled at $0.00002596.
Despite Shiba Inu currently trading at $0.00002551, these new investors may still hold on to their positions due to the widespread belief in the token’s potential for significant returns.
One Whale Acquired 715.9B Shiba Inu Tokens
In a previous report, Lookonchain highlighted a prominent Shiba Inu whale who invested $18.44 million in SHIB. On June 5, this whale exchanged 4,849 ETH tokens for 715.9 billion Shiba Inu tokens.
This whale has a history of significant investments in Shiba Inu, initially spending around $400,000 to purchase 5.5 trillion SHIB. At two peak points, the whale sold its holdings for approximately $121 million.
Please note that this article is for informational purposes only and should not be considered financial advice. The opinions expressed are solely those of the author and do not reflect The Crypto Basic’s stance. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic holds no responsibility for any financial losses incurred.