SHIB, just made the news on a more positive note. The latest report says that the “Big Shiba Inu Whale,” a prominent investor in the Shiba Inu cryptocurrency, has contributed a staggering 261 billion Shib in just three days. This has sparked speculation about the reasons for the Whale’s abrupt acquisition among the cryptocurrency community.
The Whales reportedly completed their first trade roughly 17 hours before the publication of this report hence, increasing their already sizable holdings by 751.11 million SHIB. Reports also said they made another purchase for $1.17 million to get an additional 139.25 billion SHIB few hours later.
It was also gathered that in what appeared as an unpredictable scenario in the cryptocurrency industry, the Whales spent a substantial sum—261.2 billion SHIB—over the course of the last three days. As was to be expected, this led to a sharp surge in the price of SHIB as investors rushed to purchase the coin in expectation of additional price hikes.
Also, due to its branding influenced by memes and Dogecoin, the Shiba Inu cryptocurrency has experienced a sudden surge in popularity. Industry analysts believe that retail investors now appreciate it because they perceive it as a more affordable alternative to popular cryptocurrencies like Bitcoin and Ethereum.
The huge purchase of such a significant amount of SHIB by the Whales, as expected, has generated speculation about the reasons behind the transaction in the cryptocurrency world. Some have argued that the Whales are merely attempting to grow their existing enormous holdings, while others think they may be preparing to make a significant move in the Bitcoin market.
Market Surprised About New Found Excitement In Shiba, Experts Warns
Investigations show that whatever the motivation behind the Whale’s acquisition, it is obvious that it significantly impacted the price of SHIB. As we speak, SHIB’s price has surged by over 30% just in the last 24 hours, and many investors are racing to purchase the currency in anticipation of the additional price increase.
The Shiba Inu cryptocurrency has also gained newfound interest due to the Whale’s purchase. As a result, trade volumes on cryptocurrency exchanges have surged, and many exchanges find it challenging to meet the demand for SHIB.
While there has been a lot of excitement over the Whale’s acquisition, several analysts have advised investors to avoid getting carried away by the hype. They draw attention to the fact that the cryptocurrency market is famously unstable, with sharp price spikes frequently followed by sharp price declines.
The experts also added that the Shiba Inu coin is still rather young, and its long-term viability needs to be clarified. They said its popularity and branding that takes inspiration from memes have undoubtedly helped it gain traction among retail investors. However, it still needs to be determined if it can outlast more well-established cryptocurrencies in the long run.
SHIB Enthusiasts Excited, Sends 40.87 Million SHIBS To ‘Dead Wallets’
Investigation into this trend shows that the Shiba Inu community has always sent 40,877,932 SHIBS into their dead wallets. This development is set to reduce the enormous supply of SHIB by burning millions daily. It was also gathered that they (the SHIB community) performed this dead wallet task through 12 different transactions within a 24-hour.
On the other hand, experts believe this development could have met the expected impact on the price of Shiba Inu. As of the time of writing, the cost of Shiba stands at $0.000008495, a -1.76% downward trend in 24 hours, with a total trading volume of $103.83 million.
Meanwhile, the recent purchase of 261 billion Shib by the Big Shiba Inu Whale in just three days has stirred up the cryptocurrency community and prompted a rush of purchases by investors who are betting on additional price gains. Although the motivations behind the Whale’s acquisition remain a mystery, it may have substantially affected the price of SHIB.
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