Major investors still seem to believe in Shiba Inu, even after a price drop of more than 40%.
Two big transactions
After yesterday’s major crypto crash, Shiba Inu whales are not abandoning their favorite meme token. They even continue to buy additional SHIB tokens, just like the new whale that recently bought 171 billion SHIB.
The first major transaction appeared on the blockchain a day ago when the whale bought $6 million worth of SHIB tokens. The token traded around $0.000049 after a massive crypto crash yesterday.
Eleven hours after the initial purchase, the whale decided to buy an additional $2.3 million worth of Shiba Inu tokens. This for an average price of $0.000048.
🥳🥳 New #SHIB whale was born!!!
Just bought 171,783,186,654 $SHIB ($8,365,841).
Transactions:
1⃣https://t.co/M0gLpAqgtA2⃣https://t.co/0m9R7s5I9I#ShibaArmy What are you doing?
— WhaleStats – the top 1000 Ethereum richlist (@WhaleStats) Nov 17, 2021
A growing number of whales is a good sign
The more whales are bullish, the greater the chance that the SHIB price will rise again. After Shiba Inu hit the previous ATH, the stock of whales on the network declined slightly, triggering a massive 45% correction in less than a week.
With an increasing number of large investors in the market, small traders will no longer make up the majority of the market, and whales – unlike small traders – tend to hold their positions until new highs come.
For now, SHIB is trading at the new local low of $0.0000479 after losing nearly 10% of its value yesterday.