Shiba Inu (SHIB) has seen its price going through a decline this week amidst wider corrections from most cryptocurrencies. The past seven days have been rough for SHIB hodlers, as the meme coin fell to as low as 0.00002584 earlier in the week, representing a price decline of over 15% from $0.00003069. However, it would seem the price decline has created an opportunity for some large investors, known as whales, to buy SHIB at a discount.
According to on-chain data, some new SHIB whale accounts amassed 184 billion SHIB, worth approximately $4.9 million in the middle of the week from crypto exchanges Coinbase and Binance.
New Whales Loading Up SHIB During The Dip
Shiba Inu has constantly seen an increase in the number of whale wallets holding SHIB throughout its history. The recent accumulation by three new wallets was noted on social media by on-chain transaction tracker “The Data Nerd” during the week. The shared screenshots show two of the new wallets each acquired $2 million worth of SHIB tokens from Coinbase. The last wallet accumulated $1 million worth of SHIB from Binance, all within the space of 24 hours.
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— CryptoSpike (@_Kristova) April 3, 2024
An inspection of these wallets shows they are still holding these tokens. Interestingly, a 2% price surge for SHIB in the past 24 hours has seen these wallets already making profits.
Can Whales Push Shiba Inu To $0.00008?
Whales often drive price action and sentiment in the crypto market. There’s no denying that Shiba Inu is largely undergoing a bearish price action after weeks of bullish action in February and March. Current data from IntoTheBlock shows SHIB whales are now tipped to the bearish side of things with 123 bear whales as opposed to 117 bull whales in a seven-day average.
SHIB market cap currently at $16 billion. Chart: TradingView.com
This tug of momentum has seen SHIB trading between the $0.00002392 support and 0.00003308 resistance during this timeframe. Bounced two times on support and rejected two times at resistance, as noted by crypto analyst SHIB Knight.
However, the recent buy by the new wallets and other bull whales suggests some of them think the current dip is temporary and that the price will recover and head back up.
At the time of writing, SHIB is trading at $0.00002736 and is down by 23% from $0.00003592, its highest point so far in this bull run. According to crypto analyst Captain Faibik, a new technical pattern has emerged on the Shiba Inu price chart that could send it surging and reaching between $0.00058 to $0.00062 in the second to third week of April.
A full reverse into bullish momentum could see Shiba Inu pushing past this price level into $0.00008 and beyond, especially as bullish activity returns among a majority of the whales.
Featured image from Pexels, chart from TradingView
