Shiba Inu Whales Gather Billions of SHIB Tokens as Dogecoin Surges – Could This Spark a SHIB Rally?
The cryptocurrency market had a tumultuous month in March and several asset’s highs and lows have received mixed reactions from the community due to the market’s extreme volatility. April started with Bitcoin’s consolidation phase and Elon Musk’s surprise for the community and Dogecoin enthusiasts.
After Musk changed the logo of the microblogging site, the price of Dogecoin soared. However, rival meme-coin Shiba Inu was still battling an important resistance SHIB has been unable to keep up with a sharp increase in Dogecoin prices, and the upside movement is still restrained by its 50-day moving average, which is currently $0.00001150. But, the whales went on a shopping spree, taking advantage of the situation, and started to accumulate Shiba Inu.
The unidentified owner “BlueWhale0073” has continued his buying spree over the past three days, according to cryptocurrency tracking firm WhaleStats. Yesterday, he made a single acquisition valued at $1.65 million or 148.78 billion SHIB. A few hours earlier, on April 4, the 254th largest Ethereum whale purchased 229.96 billion SHIB for almost $2.58 million.
This brings the total number of Shiba Inu purchased by the whales in the previous 72 hours to a staggering 378.74 billion SHIB, or $4.23 million. Yet, despite market trends, the buying pressure has had no effect on the price of Shiba Inu.
The Shiba Inu ecosystem’s ongoing positive developments might be a factor for the whale’s interest in the token. Recently, Crypto.com added a new trading pair, BONE/SHIB, to its platform, extending support for Shiba Inu and its governance token, Bone ShibaSwap (BONE).
At the same time, the multi-asset trading platform Uphold, situated in New York, made public its outstanding Proof-of-Reserves data, revealing that it has SHIB worth an estimated $10,426,801 ($10.42M) value of 921,095,494,699.64 (921.09B) in reserve.
