SHIB Whales Fail To Rurn The Tide, Token Remains In Red

SHIB sees red despite the whales’ ‘shopping spree’

SHIB INU has been on a continuous downward trend despite the trading volume going significantly higher.

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According to Etherscan, nearly 30 billion SHIB tokens have been purchased in less than an hour.

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Notable transactions include the purchase of 48.6 million tokens on Binance and another 19.9 billion from Coinbase.

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Previously, a Shiba Inu whale purchased 3.48 trillion SHIB, making them one of the biggest SHIB holders.

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Despite such huge transactions, the price of SHIB tokens have been a continuous downtrend.

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One possible explanation for this latest bearish trend could be the crypto market’s performance, which has affected many altcoins.

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Another possible factor for this unprecedented decline could be the oversupply of SHIB tokens.

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