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Shiba Inu Price Dips 5% as Whales Amass SHIB Supply

Shiba Inu Price Dips 5% as Whales Amass SHIB Supply

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.

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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!

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.

Courtesy: IntoTheBlock

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.


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