Shiba Inu Whale Buys 257.5B SHIB Amid Dip, Will Price Recovery Follow?

A Shiba Inu whale bought 257.5 billion SHIB tokens at market lows spending $4.6 million. Through strategic acquisition this investor moved to take advantage of SHIB price lows in hopes of gaining from future price increases. According to Lookonchain transaction details the crypto whale’s SHIB assets increased to 477.5 billion tokens.

Shiba Inu Whale Accumulates 257.5B Tokens During SHIB Price Drop

According to analytics platform Lookonchain, a prominent Shiba Inu whale acquired 257.5 billion SHIB tokens, valued at approximately $4.6 million. This transaction occurred amid a broader market downturn, showcasing the whale’s intent to leverage the declining SHIB price to expand its holdings.

This recent acquisition increased the whale’s total balance to 477.5 billion SHIB, valued at $8.57 million. On-chain data suggests that such purchases are often strategic moves by investors aiming to benefit from future market recoveries. 

Consequently, the move reflects confidence in the token’s potential rebound. More so, a recent report highlighted that SHIB price rally would need a 1,000x surge to turn a $1,000 investment into $1 million. Current technical analysis points to a possible 62% rally, driven by a bullish “cup and handle” pattern.

SHIB Trading Volume Spikes Amid Market Decline

Despite a 2% drop in SHIB’s price, its 24-hour trading volume surged by 269%, reaching a total of $640 million in trades. The added activity shows investors became more engaged with SHIB while the price kept changing.

At press time, SHIB price stands at $0.0000182, with its trading range fluctuating between $0.00001743 and $0.00001997. Such activity suggests that investors are repositioning their portfolios anticipating future developments in the Shiba Inu ecosystem.

Shytoshi Kusama Teases Major Ecosystem Update

Shytoshi Kusama, Shiba Inu lead, recently hinted at an upcoming major update within the ecosystem, describing it as a groundbreaking development. The announcement follows efforts to expand its ecosystem through initiatives such as Shibarium, ShibaSwap, and token offerings like Bone, Leash, and Treat. These efforts have positioned the project as a broader Web3 platform capable of supporting diverse use cases.

The recent developments surrounding the whale purchase and Kusama’s announcement have created a sense of anticipation within the Shiba Inu community. 

Concurrently, Shiba Inu burn rate soared 800%, supporting the bullish SHIB price recovery narrative. Most recently, 6.27 million SHIB tokens were destroyed, permanently reducing the circulating supply. This surge, coupled with the supply-demand principle, and the Shiba Inu whale movement has fueled investor optimism despite SHIB price dip.