Shiba Inu whale buys 4 trillion tokens as SHIB spikes 4%

Shiba Inu (SHIB/USD) is currently over 57% low from its record high of $0.00008616 set in late October. The dips coincide with what is happening in the broader market, as Bitcoin fails to make any notable uptrend past $48K.

During the past 24 hours, SHIB has gained by around 4%, according to CoinGecko. The gains come as the recent on-chain data shows that an Ethereum whale recently bought four trillion SHIB tokens.

Whales contribute to SHIB’s uptrend

WhaleStats shows that this whale transaction happened during the past 24 hours. However, the uptrend coincides with the trend happening across the market. SHIB has benefited from this market support and made a slight uptrend as Bitcoin (BTC/USD) and Ethereum (ETH/USD) recovered slightly from the weekend dips.

Over the past several weeks, whale addresses have been buying SHIB despite the token losing over half of its value since late October. The recent purchase happened with an Ethereum whale wallet that bought four trillion SHIB tokens valued at almost $136 million.

WhaleStats also shows that Shiba Inu ranks as the most traded token among the top 100 ETH wallets. The report also adds that whale addresses could have accumulated more tokens after the prices dipped to $0.000028 on December 20. Another whale address has also bought more than 79 billion tokens valued at $2,582,838.

SHIB’s price movement

For the most part of this month, Shiba Inu has been consolidating. One of the most significant dips was on December 20, when the prices dipped to lows of 0.000028. After this dip, prices attempted to make a rebound, but they only reached the highs of $0.00003306 during the past 24 hours.

The next major resistance for SHIB lies at $0.000043. If it breaks past this level, we could see the meme token heading towards the price range of $0.000055 to $0.000065. However, these levels will only be achieved if there is strong buying support.

When SHIB hit its peak, it ranked among the top ten largest cryptocurrencies by market capitalization. Currently, it ranks as the 13th largest coin by this metric. Its yearly gains stand at over 64,000,000%.

The post Shiba Inu whale buys 4 trillion tokens as SHIB spikes 4% appeared first on Invezz.