Unfazed By Shiba Inu's Dip, Crypto Whales Are Loading Up Trillions Of SHIB Tokens — But Why?
Shiba Inu’s current price dip appears to have presented a buying opportunity for rare crypto whales that have now accumulated 500 billion- 1 trillion SHIB tokens each in the last seven days, making SHIB the most relished crypto asset in the whale community this month.
According to data from WhaleStats, SHIB had outpaced Ethereum, which was impressive last week with its price pumping to an all-time high of $4,859 on Wednesday. Bitcoin is not even on the list of top 10 cryptos with the most whale acquisitions in the last 7 days – at least not currently, despite soaring to an all-time high of nearly $70,000.
Although the whales accumulating the tokens are anonymous, a mammoth whale bought $750 million worth of SHIB coins within 10 days. Another moved 40 trillion SHIB tokens in a span of a few days to four diverse crypto wallets and without any prior transaction history on the involved wallets. A third whale made the largest single SHIB transaction ever on the Shiba Inu network – 20 trillion SHIB tokens worth $1.13 billion a few days ago from the crypto.com exchange.
Needless to mention, it means these whales are more optimistic about SHIB’s future. Shiba Inu has been on a downward trend losing 8.93% on its price in the last seven days. Even the loud social buzz from the community has not helped reverse this quandary.
However, the trend appears to be springing to reverse this week and it is likely the token will resume its rally in the coming days. Looking at the technical indicators, some crypto charting analysts believe the selling momentum is now fading because the MACD appears to be returning to a short-term bullish trend when charted over a 4-hour time frame.
SHIB’s MACD or moving average convergence divergence – a charting indicator used to determine a bearish or bullish trend of an asset price over a given time frame, has been and remains bearish on a long-term projection. But it could mean the whales are capable of doing what they do best, namely buying the dips and accumulating the coins to wait for a pump.
The RSI or relative strength index – an indicator used to determine the price momentum of a stock/crypto-asset, also continues to flash a sell signal when charted over a daily timeframe. However, it is also appearing to reverse in the short term when charted over a 4-hour timeframe.
Last week, there was an uplift in Shiba Inu’s price on the news of its possible inclusion as a payment method on AMC Theaters. After this inclusion, people would be able to use SHIB to pay for movies at the AMC Theaters.
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