Shiba Inu (SHIB) Price Dips Amid Market Correction, Whales Accumulate Billions in Tokens

In the volatile realm of cryptocurrency, meme coins often generate buzz, capturing the attention of investors and traders alike. Shiba Inu (SHIB), a token that has positioned itself as a Dogecoin competitor, is no exception. Despite the broader cryptocurrency market experiencing a downturn, with many altcoins facing significant selling pressure, SHIB has recently seen a noteworthy development. Over the last 24 hours, Shiba Inu’s price witnessed a slight decline of 5.6%, bringing it down to $0.00002398. This dip reflects the ongoing correction across the crypto space, yet it hasn’t deterred certain investors from increasing their stakes in SHIB.

The market cap of Shiba Inu currently stands at approximately $13.98 billion, a slight adjustment from previously reported figures. Interestingly, despite the price drop, trading volumes surged dramatically by 102%, exceeding $845 million. This spike in trading volume is indicative of heightened activity surrounding the token, suggesting that some investors are seizing the moment to accumulate SHIB at a lower price.

A closer look at the whale activity reveals a strategic accumulation of Shiba Inu tokens amidst the market’s bearish sentiment. According to recent insights from Lookonchain, a group of nine investors, which includes two prominent whales, collectively invested $34.8 million to purchase around 1.34 trillion SHIB tokens. This move underscores the confidence certain high-net-worth individuals have in the potential recovery and future performance of Shiba Inu.

The buying spree wasn’t limited to whales alone; four investors notably diversified their portfolios by using parts of their ethereum holdings to buy into SHIB. Their purchase prices varied, with some getting in at $0.00002547 and others at the higher end of $0.00002610, averaging at about $0.00002586. This strategic entry into SHIB positions them advantageously should the token’s value appreciate.

The enthusiasm of these investors is palpable, as highlighted by a tweet from Lookonchain, which described the collective move to acquire over a trillion SHIB tokens as a “crazy buy.” This sentiment is shared by many in the community who view such accumulation during dips as a bullish signal for the token’s future.

Another significant whale transaction reported by Lookonchain involved an investor swapping 4,849 ETH for a staggering 715.7 billion SHIB tokens, amounting to an investment of $18.34 million. This transaction occurred on June 5, further signifying the whale’s bullish outlook on the meme coin.

Market analysts are closely monitoring SHIB’s price action, especially in relation to its resistance levels. Data from IntoTheBlock suggests that the $0.000026 mark poses a significant sell wall, with over 64,320 addresses holding approximately 69.53 trillion SHIB tokens at this price point. Historically, when SHIB’s price nears this level, these holders tend to sell, contributing to increased selling pressure. This dynamic played a role in the recent price retracement below $0.000026, as SHIB struggled to break through this resistance.

Despite the current market challenges, the strategic accumulation by whales and other investors signals a strong belief in the resilience and potential upside of Shiba Inu. As the cryptocurrency market continues to evolve, the actions of these significant players will be crucial in shaping the trajectory of meme coins like SHIB. Whether this confidence will translate into a price rebound remains to be seen, but for now, the whale’s moves are a fascinating aspect of the ever-dynamic crypto narrative.