Strong selling pressure has been applied to altcoins and meme currencies like Shiba Inu during the market correction in the cryptocurrency space. With a market valuation of $14.17 billion, the Shib Inu (SHIB) price dropped 5.4% in the previous day to $0.00002404. Additionally, the daily trading volumes have increased beyond $840 million by a startling 100%.
Shiba Inu Whale Numbers
Whale accumulation has remained robust throughout, despite some selling pressure on Shiba Inus brought on by the wider market slump.
Nine wallets, including two owned by whales, combined to pool $35.2 million to purchase an astounding 1.35 trillion Shiba Inu tokens, according to a recent update from Lookonchain.
Four investors bought Shib Inu coins with some of their Ethereum holdings, according to the update. Some purchased SHIB at a low of $0.00002557, while others did so at a peak of $0.00002620. Their entry points differed. However, the average buying price came to $0.00002596.
What a crazy buy!
9 wallets(2 whales) spent $35.2M to buy 1.356T $SHIB at an average price of $0.00002596 in the past 12 hours!
Address:
0xFB67EF6fE609edAb1e0595e6815634E8E4db9cF7
0xb2f1956eAE0817dB73C4D542A4861eE485B7e7c6
0x607C26c976272459A0896065E03a9b70C0Ef04B5… pic.twitter.com/yfSUyFSLQy— Lookonchain (@lookonchain) June 5, 2024
Lookonchain previously provided an update on the activities of a well-known Shiba Inu whale who made a $18.44 million investment in SHIB. This whale acquired 715.9 billion Shiba Inu tokens on June 5th by exchanging 4,849 ETH tokens.
Watch the SHIB Price Action
Data from IntoTheBlock indicates that a significant sell wall is obstructing Shib Inu’s ascent near the $0.000026 mark. At this point, 69.74 trillion SHIB coins were acquired by 64,320 addresses at an average price of $0.000026. These addresses tend to sell off their holdings whenever Shiba Inu gets close to this price, which intensifies the selling pressure.
As evidenced by the most recent changes in the market, this heightened selling pressure frequently leads to a price correction. Due to this, SHIB has now dropped below the $0.000026 mark and retraced the majority of the gains from its previous advance.
