Shiba Inu Surges After Large Purchase of 715B Coins by Whale
Shiba Inu Coin has experienced a significant surge, with SHIB price rising by nearly 10% today due to substantial accumulation by a prominent investor. A recent report has revealed that an early buyer, who previously earned $145 million from SHIB, has re-entered the market and is once again accumulating the meme coin. This renewed interest has contributed to an increase in SHIB’s price and indicates a growing investor confidence in the meme coin.
Optimism Ignited by Enormous Whale Accumulation
The re-entry of this early investor into the market has been marked by a large-scale purchase, involving the exchange of 4,849 WETH (valued at $18.5 million) for 715.8 billion SHIB over the past five hours. This significant acquisition has led to a considerable increase in the price of Shiba Inu.
Furthermore, recent reports also suggest that this accumulation has led to a price surge of around 10%. The transaction details from Spot On Chain highlight the entity’s current holdings of 9,207 ETH and WETH, valued at $34.9 million, indicating the potential for further SHIB purchases.
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This investor had previously engaged in significant trading activities involving SHIB between February 2021 and June 2022, resulting in substantial profits. The investor’s expertise and previous success in trading SHIB not only contribute to the current bullish sentiment but also add credibility to the potential for future gains in the meme coin.
SHIB Price Surges Amid Investors Unwavering Confidence
The recent whale activity not only propelled SHIB’s price but also signifies a growing investor confidence in the meme coin. Such strategic investments by major players often lead to notable price movements in the cryptocurrency market, and the re-entry of this experienced trader adds further credibility to SHIB’s potential for future gains.
The recent whale accumulation is likely to be viewed positively by the SHIB community, as large-scale purchases signal confidence in the asset’s long-term value and could potentially encourage other investors to follow suit. Additionally, this accumulation follows a significant spike in SHIB burn, further fuelling investors’ confidence in the meme coin.
As of the time of writing, the price of Shiba Inu was up by 9.70% and was trading at $0.00002612, with a one-day trading volume of $822.54 million. In the last 24 hours, the meme coin’s price reached a high of 0.00002617, with CoinGlass data showing that its Open Interest increased by 13.25% to $102.49 million.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
