Another whale appears on Shiba Network after token drops from local summit and consolidates
New Shiba Inu whale appears on the network after purchasing $38 million worth of tokens. The whale newcomer has bought 850 billion tokens while it was losing 5% of its previously gained value.
The trade was completed 15 hours ago, as the token had just started its correction and was trading at $ 0.000048. Such purchasing power, unfortunately, could not push SHIB any further and fuel the local uptrend.
With more whales entering the market, Shib’s fundamental background is continuously developing while the price on the market seems to struggle to break through the $0.000046 area.
Other whales also remain in the Shiba Inu Sea holding more than $ 2.3 billion in tokens when they previously only had around $ 1.8 billion. The trend change came shortly after the correction in the global cryptocurrency market.
Most whales have entered Shib with a large discount of 15% compared to the previous trading range. Whales have also become an absolute majority on the chain by buying up 72% of the circulating supply, which puts Shiba mostly in the hands of large wallets.
At time of going to press, Shiba is trading at $ 0.000046 with 3% of the daily loss. Additionally, the token is down 15% from its previous high of $ 0.000054. The token has failed to continue its rally and is trading on local support, while on-chain data suggests a rapid decline in trade volume, indicating traders have yet to decide on direction. future price of the asset.
