Shiba Inu Dips by 8%, Are Whales Buying the Dip?

5 July 2024

in SHIBA

Reading Time: 3 mins read

After falling below $60,000, the cryptocurrency market saw a dramatic collapse, with Bitcoin [BTC] leading the way. The rest of the market fell more sharply. The last 24 hours saw a roughly 9% decline in Shiba Inu [SHIB]. The meme currency dropped from a peak of $0.00001685 to a low of $0.00001541. The asset was still trading at about $0.00001545 at press time. This takes SHIB one step away from achieving its 1-cent dream.

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Are Whales Making Use of Shiba Inu’s Dip?

Shiba Inu has remained a favorite among whales for a while now. According to data from IntoTheBlock, SHIB witnessed a 46.67% surge over the past 24 hours in large transaction volume. These transactions were worth $49.38 million together. A whale emerged in the middle of this and bought around 583.7 billion SHIB. Lookonchain disclosed the transaction. During this period, Shiba Inu was trading at $0.00001666. Therefore, the total purchased assets are worth $9.725 million.

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In addition to SHIB, the whale bought an array of other cryptocurrencies. These included 16,192 Binance Coins [BNB] worth $9 million, 957.7 billion PEPE priced at $9.84 million, and 9,425 Ethereum valued at $30.15 million. FLOKI was about $1.56 million, DOGE was around $6.95 million, USDT was worth $40.7 million, and MATIC was priced at $2.81 million. Within six hours, the whale had amassed a total of $130 million in cryptocurrency.

Whales are currently dominating the Shiba Inu market. About, 59% of the asset’s holders are whales. 26% of the meme coin’s ownership is taken over by retail investors. Despite its latest surge in large transactions, the total daily transactions took a backseat. This dipped by 21%.

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