Another massive Shiba Inu purchase made on the market, but it most likely won’t affect the price, here’s why
WhaleStats spotted another massive Shiba Inu buy in the cryptocurrency market as an anonymous whale buys 70 billion tokens, establishing SHIB’s position as the largest position among Ethereum whales.
According to the transaction page, a large purchase was made 13 hours ago and could have potentially caused the most recent 3% price spike. The total USD-valued holding of Shiba Inu remains at $1.2 billion—the highest value of holdings since April.
Recently, Shiba Inu’s top spot as the largest USD-valued holding among whales was contested by FTX Token which for a brief time took the top spot, but thanks to the daily support of SHIB by whales, he returned to first place.
Shiba Inu market performance
Unfortunately for most SHIB holders, the asset is failing to get out of the volatility crisis present on the market since March. During rangebound trading, Shiba Inu’s average daily volatility stayed at approximately 4%, which is an extremely low value for an asset that used to have from 10 to 20% spikes within the daily candle on the chart.
The volatility crunch is also confirmed by indicators such as exponential moving averages that deviate a few percentage points from each other, suggesting that traders are not actively trading the token.
Large buys of Shiba Inu tokens by whales are usually done via OTC desks, private trading or by placing orders via market makers to avoid liquidity issues and slippage, which is why they do not reflect on the price of an asset that much.
At press time, SHIB is trading at $0.00002375 with slightly positive price performance over the past 24 hours.
