Shiba Inu Whales On Buying Spree, Add 311 Billion Tokens During Price Dip

News BTC

Whales have resumed their Shiba Inu buying spree as the meme coin price declined alongside the global crypto market. According to the WhaleStats report, a top ETH whale picked up $3.22 million worth of SHIB tokens over the past 24 hours.

The Ethereum whale performed the purchase in two transactions, scooping over 311 billion Siba Inu tokens within minutes.

Shiba Inu’s Price Correction Attracts Top ETH Whales

Shiba Inu has been on the list of preferred assets among top Ethereum whales over the past few months. The whales actively packed large chunks of SHIB tokens between January and February. However, it appears the whales went on break, waiting for another opportunity to strike.

How To Get Free Crypto  
Claim the JACKPOT with 55 FREE SPINS. Signup today to redeem your bonus.
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Play Now!

Related Reading: Cardano In Strong Demand Zone, Breaking Through Key Level Crucial

A recent alert from the crypto tracking platform, WhaleStats, shows the 254th-biggest Ethereum whale purchased 311,998,734,794 SHIB tokens on April 20. The whale performed the transaction in two consecutive transactions.

The whale bought 194,114,774,578 Shiba Inu tokens worth $2,069,263 before initiating another transaction for 117,883,216 SHIB worth $1,256,643. The unexpected token accumulation comes as Shiba Inu’s price fell from its critical support level at $0.0000107.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

SHIB price is rising after a breakdown l SHIBUSDT on

Shiba Inu Price Outlook Amid Burn Rate Spikes

The recent price decline comes after several days of massive SHIB token burn by the Shiba Inu community to boost the meme coin’s price. In the days following the Shibarium PuppyNet launch, large chunks of Shiba Inu coins went into the dead wallets. 

On April 20, the Shiba Inu token burn rate spiked by 3,500%, according to the burn tracking website, Shibburn. Following Shibburn’s hourly update, April 20 saw another 5,180% burn rate spike. 

Coinbase Banner  

Given Shiba Inu’s massive circulation supply of tokens, the recent burn had little effect on the meme coin’s price. The token traded bearishly yesterday, with a 7.0% price decline, and has continued in the downtrend today.

SHIB is slightly recovering after forming three consecutive red candles on the daily chart. The bears have dominated the market, pushing SHIB close to its support zone.

Shiba Inu has dropped below its 50-day and 200-day Simple Moving Averages (SMA), a bearish sentiment for the short and long term. 

Also, the Relative Strength Index (RSI) is 41.22, close to the oversold region of 30. The indicator is moving downwards, suggesting further decline for the asset. SHIB’s support levels are $0.0000085 and $0.0000102, with resistance levels at $0.0000115 and $0.0000112.

FreeBitcoin Banner  

SHIB is close to the $0.0000102 support level. If the level does not hold, expect further price decline from the asset in the coming days.

At press time, Shiba Inu is trading at $0.00001061, and the price is rising after declining by 3.6%.

Featured image from Pixabay and chart from Tradingview

Go to Source
Author: Eli Dambell

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.

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