Shiba Inu Remains In Red Despite Whales SHIB Buying Spree

Undoubtedly, bearish times are known as the time to bag potential assets, and according to the latest data, Shiba Inu (SHIB) whales are doing just that. However, interestingly SHIB has shown no reaction to the whale’s buying spree.

Over the past 24 hours, Shiba Inu hasn’t made any significant move aside from a continuous downward trend. SHIB is currently down by nearly 6%, alongside the rest of the crypto market. Its trading volume has increased, indicating ongoing selling pressure.

In less than an hour, SHIB whales have purchased nearly 30 billion tokens altogether, according to data from Etherscan. The first large investor in the last hour purchased 4.4 billion tokens from Binance, followed by another investor who purchased 19.9 billion SHIB from Coinbase.

Additionally, another investor purchased 48.6 million tokens from Binance. Other large transactions recorded include a transfer of 1.6 billion SHIB tokens, 2 billion tokens, and 13.5 billion transfers between unknown wallets.

Notably, this is not the first whale report this week, 3 days ago, a Shiba Inu whale purchased 3.48 trillion SHIB becoming the 29th biggest Shiba Inu holder. The purchase showcased the growing interest of crypto whales on SHIB after the Shibarium Beta Testnet, Puppynet launch.

The top 100 Ethereum whales have amassed over $601.2 million worth of SHIB, comprising almost 12% of their combined portfolio. On average, each wallet holds 496,214,650,935 SHIB, with a value slightly exceeding $6 million.

Despite the buying spree, SHIB has been experiencing a price decline. At the time of writing, SHIB is trading at $0.00001055, down by 5.2% in the last 24 hours. 

One possible explanation for this latest bearish trend could be the crypto market’s performance, which has affected many altcoins. Bitcoin, the leading cryptocurrency has been experiencing a significant price decline, which has had a ripple effect on the entire market.

Another possible factor could be the oversupply of SHIB tokens. Moreover, SHIB has been mirroring other large assets in the past weeks, which may have contributed to the initial price surge. Still, it is common for crypto assets to experience a price correction after a quick spike in their value. 

Additionally, investors who bought SHIB during the initial hype may have sold their tokens to make a profit, resulting in a price decline. Meanwhile, over the past 3 days, nearly $500 million has been removed from SHIB’s market cap resulting in a further decline in the asset’s market cap valuation.

On the other hand, SHIB’s daily trading volume has moved from a low of $196 million in the past 7 days to $284 million in the past 24 hours, indicating possible selling pressure.

Featured image from Unsplash, Chart from TradingView