Shiba Inu Whale spends $19 Million On 692 Trillion SHIB, Time For Recovery? |

Shiba Inu experienced a lull in its rally over the past few weeks, causing investor interest to decline in the asset. However, this is beginning to change as investors, especially whales, are back to filling up their bags once again. The most notable of these buys is a whale who bought 692 trillion SHIB from the exchange.

Whale Spends $19 Million On Shiba Inu

A significant Shiba Inu whale transaction was seen on the blockchain in the early hours of Monday and has caught investor attention over this time. The transaction which was reported by the on-chain whale tracking platform Whale Alert, was carrying a whopping 692.4 trillion SHIB.

How To Get Free Crypto  

Now, at the time of the transaction, the tranche of coins was worth around $19.26 million. But with the crypto market seeing upside ahead of the start of the trading week, this stash of coins has moved closer to to being worth $20 million at press time.

When it comes to large transactions like these, their origination points, as well as the destination of the coins, can tell the reason behind the transaction. This way, it is easier to tell if the transaction will have a positive or negative impact on the price of the meme coin.

In this case, the prospects look positive as the coins were actually withdrawn from centralized exchange This suggests that the whale had purchased the coins from the exchange. Then, looking at the destination, which is an unknown wallet, it shows that this Shiba Inu investor is moving their coins from the exchange to a personal wallet for safekeeping.

Accumulation is always a positive thing for any token, especially for the likes of Shiba Inu, As are whales choose to buy instead of sell, selling pressure decreases and demand goes up, which, in turn, causes the price of the meme coin to rise.

Coinbase Banner  

SHIB Starts Recovery Trend

Amid the large buys, the Shiba Inu price has begun to see an upside. In the last day, the meme coin’s price is up 2.5%, with bulls gearing up to retest the resistance at $0.00002896. Additionally, there has been a more than 20% increase in its daily volume.

This rise in daily volume suggests that investors’ interest are turning back on the coin once again. Since the price is going up, it shows that there are currently more buyers than sellers and a continuation of this trend could kickstart a similar rally to what was seen in March. If that happens, then the SHIB price could easily clear $0.00006 as a result.

SHIB recovers to $0.000029 | Source: SHIBUSDT on

Featured image from Crypto Rank, chart from

Go to Source
Author: Scott Matherson

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

You May Also Like

More From Author

This site uses Akismet to reduce spam. Learn how your comment data is processed.