This week, Shiba Inu's (SHIB) price dipped, reflecting a broader crypto market downturn.
The meme coin's value dropped more than 15% to $0.00002584 from $0.00003069. Yet, this price fall enticed big investors, known as whales, to purchase SHIB at a lower price.
On-chain data revealed big acquisitions by new SHIB whale accounts, totaling 184 billion SHIB, or roughly $4.9 million, from exchanges like Coinbase and Binance.
This buying spree suggests a strategic move by these investors.
Shiba Inu has historically attracted whale interest, with the recent buying highlighted by "The Data Nerd" on social media.
Specifically, two wallets bought $2 million of SHIB each from Coinbase, and another bought $1 million from Binance, all holding onto their investments for potential gains, which seemed immediate as SHIB's price rose 2% in 24 hours.
The role of whales raises questions about SHIB's price potential, often influencing market movements.
Despite a bearish trend after a bullish February and March, data from IntoTheBlock shows a slight bearish tilt among SHIB whales.
The price has been fluctuating, hitting support and resistance levels, but the recent whale investments hint at a belief in a market rebound.
At the moment, SHIB is trading lower at $0.00002736, down 23% from its peak. However, a new pattern suggests it could hit between $0.00058 and $0.00062 soon, according to analyst Captain Faibik. If bullish momentum resumes, the price might even reach $0.00008, fueled by optimistic whale activity.
This situation highlights the dynamic nature of the crypto market, where significant investments can influence the direction of cryptocurrencies like Shiba Inu.
The community and investors are keenly watching these developments for hints of the coin's future trajectory.
