Shiba Inu Surges Above $0.000026 Amid Whale Buying Spree
The price of Shiba Inu skyrocketed above the $0.000026 mark as large investors snapped up trillions of tokens in what appears to be a massive accumulation frenzy.
Specifically, SHIB reached a peak of $0.00002627 during the day, following a 7% increase from its low of $0.00002453 the day before. However, the bullish momentum was short-lived, with Shiba Inu now trading at $0.00002551, retracing most of its gains.
The recent surge in Shiba Inu’s value coincided with a general sense of optimism in the market, driven by Bitcoin’s climb back to the $70K price range. Despite facing some bearish pressure, Bitcoin has managed to hold above the $70K mark after reaching an intraday high of $71,735.
Whales Gather 1.356T SHIB at $0.00002596
Notably, as the bullish trend took hold, major investors began accumulating trillions of SHIB tokens. A recent update from crypto tracking account Lookonchain revealed that nine wallets, including two whales, pooled $35.2 million to acquire a massive 1.35 trillion Shiba Inu tokens.
The update also disclosed that some investors used parts of their Ethereum holdings to purchase SHIB tokens, with entry points ranging from $0.00002557 to $0.00002620, averaging at $0.00002596.
While Shiba Inu’s current price of $0.00002551 means the latest investors are currently at a loss, their confidence in the potential for profits from Shiba Inu may keep them holding onto their positions.
One Investor Profits $8.24 Million from SHIB
In a notable example, an investor entered the Shiba Inu market on March 1, riding a bullish rally that saw SHIB hit a three-year high of $0.000045. By the end of the month, this investor sold their tokens for a profit of $8.24 million.
A Single Whale Holds 715.9B Shiba Inu
In a previous update, Lookonchain highlighted a prominent Shiba Inu whale who invested $18.44 million in SHIB, acquiring 715.9 billion tokens in a single transaction using 4,849 ETH tokens.
This whale has a history of significant investments in Shiba Inu, initially spending around $400,000 to buy 5.5 trillion SHIB tokens. At peak points, the whale sold its holdings for approximately $121 million.
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