Shiba Inu whale investors are eagerly seizing the opportunity to buy the dip, accumulating a staggering 223 billion SHIB tokens after the price plummeted to $0.00001830.
The recent market crash led to a dramatic decline in prices, fueled by the tension surrounding the Israel-Iran situation and unexpectedly high U.S. inflation data, which intensified bearish sentiment. Notably, investors withdrew their funds from risky assets, resulting in a global collapse.
Shiba Inu’s price dropped to $0.000018, a significant blow. The stock market also experienced substantial declines, with the Nasdaq Composite falling to $16,146 on Friday and the S&P 500 reaching a one-month low of $5,123. Additionally, the price of crude oil witnessed a steep plunge to $85.
As a result of this widespread crash in stocks and commodities, the drop in Bitcoin (BTC) triggered a price crash in the broader cryptocurrency market. This led to Shiba Inu falling below the crucial support level of $0.00002 for the first time in over six weeks.
However, amidst the panic, SHIB witnessed a frenzy of accumulation among large whale wallets. In the last 24 hours, four of these deep-pocketed addresses were identified by Crypto Basic, engaging in a buying spree that resulted in the accumulation of over 223 billion SHIB tokens amidst the price volatility.
The first incident involved a new whale address purchasing 107.1 billion Shiba Inu tokens from Coinbase on April 13, shortly after the price had collapsed to the six-week low of $0.00001830. Another new whale address then acquired billions of SHIB from Coinbase through three transfers. Interestingly, these tokens came from the same Coinbase wallet involved in the earlier transaction.
Two more transactions took place from the same Coinbase wallet, but at later times. One involved 27.39 billion SHIB at 2:54 AM (UTC) today, while the other consisted of the accumulation of 21.92 billion Shiba Inu tokens at 4:26 AM (UTC).
The accumulation trend continued, with an established whale address joining the fray, acquiring 13.7 billion SHIB at 5:08 AM (UTC) today. Shortly after, another well-established address received 29.6 billion tokens from Coinbase.
It is worth noting that all of these addresses have held onto their SHIB tokens, indicating their commitment to the buy-the-dip campaign. As a testament to this, renowned Bitcoin investor Oscar Ramos recently expressed his intention to acquire more SHIB during the price dip.
Meanwhile, Shiba Inu is on a path to recovery, with these purchases now yielding unrealized profits at the current price. Over the past three hours, SHIB has increased by 6.61% and is currently trading at $0.00002368. Its daily Commodity Channel Index (CCI) sits at -138, suggesting that SHIB is currently undervalued.
Please note that this article is for informational purposes only and should not be considered financial advice. The opinions expressed in this article are solely those of the author and do not reflect the views of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not responsible for any financial losses incurred.