TL;DR
- Despite SHIB’s market drop, whales bought billions of tokens, with one transaction totaling $31 million.
- Predictions hint at SHIB nearing its price bottom, with the potential to reach an 8-month high soon.
- Recent Shibarium advancements and Shiba Inu’s token burn are highlighted as positive indicators for the coin’s future.
Whales Seem Undeterred Despite SHIB’s Plunge
The valuation of the popular memecoin – Shiba Inu (SHIB) – has recently dropped significantly in resonance with the entire cryptocurrency market. However, some whales took advantage of the relatively low price and stacked up more than 4.6 trillion tokens (equaling over $31 million).
Whale Alert informed that one such investor transferred the aforementioned amount to an unknown address on October 11. In addition, Etherscan indicated another whale who accumulated 2.5 billion SHIB on the same day.
Such moves are not uncommon during bear markets since they give investors a chance to gain substantial profits in case of a future bull run. Some renowned investors, including Warren Buffett, have advised individuals to be greedy when others are fearful and vice versa.
Could SHIB Head North?
While the ongoing market correction keeps affecting SHIB bulls, certain analysts have predicted that the downfall should be near its end. One example is the X (Twitter) user $SHIB KNIGHT, who recently assumed that the asset’s price has found the bottom and is ready to ascend towards an 8-month high of $0.0003.
Shibarium’s Marketing Strategist – LUCIE – has also envisioned a bright future for SHIB since it speaks for the “goodness” that eventually “prevails.” They further claimed that the memecoin is fully decentralized and “represents the people.”
The successful execution of Shiba Inu’s burning program and the additional development of Shibarium could be considered other bullish factors. The layer-2 blockchain solution has reached several milestones lately as those curious to find out more about its purposes and specifics could take a look at our video below:
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