Shiba Inu Price Cracks 5% But Whales Scoop Huge SHIB Supply

Amid the correction in the broader cryptocurrency market, meme coins like Shiba Inu along with other altcoins have been facing strong selling pressure. In the last 24 hours, the Shiba Inu (SHIB) price has cracked up by 5.4% dropping to $0.00002404 with its market cap at $14.17 billion. Also, the daily trading volumes have surged by a staggering 100% moving past $840 million.

Shiba Inu Whale Accumulation

Although the broader market correction has put some selling pressure on Shiba Inu, the whale accumulation has remained strong throughout.

According to a recent update by Lookonchain, nine wallets, including two belonging to whales, collectively pooled $35.2 million to acquire an impressive 1.35 trillion Shiba Inu tokens.

The update also noted that four of the investors used portions of their Ethereum portfolios to purchase Shiba Inu tokens. Their entry points varied, with some buying SHIB at a low of $0.00002557 and others at a peak of $0.00002620. The average purchase price, however, settled at $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

In a prior update, Lookonchain reported on the activity of a notable Shiba Inu whale who invested $18.44 million in SHIB. On June 5, this whale exchanged 4,849 ETH tokens to acquire 715.9 billion Shiba Inu tokens.

SHIB Price Action to Watch

According to IntoTheBlock data, the $0.000026 threshold represents a significant sell wall impeding Shiba Inu’s rise. At this level, 64,320 addresses collectively acquired 69.74 trillion SHIB tokens at an average price of $0.000026. Each time Shiba Inu approaches this price, these addresses tend to sell off their holdings, increasing selling pressure.

This increased selling pressure often results in a price correction, as seen in the latest market movement. Consequently, SHIB has now retraced most of the gains from its recent rally, falling below the $0.000026 level.

Even amid a minor bearish trend, the Shiba Inu burn rate has experienced a remarkable surge, capturing the attention of the cryptocurrency community. Within a span of 24 hours, the burn rate escalated by an astounding 3900%, resulting in the elimination of 4.03 million SHIB tokens from circulation. Notably, this substantial burn was initiated from a solitary wallet address, underscoring a collective endeavor within the community to diminish SHIB’s circulating supply.