Shiba Inu whale addresses have embarked on a buy-the-dip frenzy, accumulating over 223 billion SHIB tokens following the price crash to $0.00001830.
The recent market crash resulted in shocking price declines, as the tension around the Israel-Iran situation and the hotter-than-expected U.S. inflation data further exacerbated bearish pressure. Notably, investors pulled their funds from risk assets, leading to a global collapse.
Shiba Inu Drops to $0.000018
Market data confirms that the stock market also recorded massive declines. The Nasdaq Composite dropped to $16,146 on Friday, while the S&P 500 declined to a 1-month low of $5,123. In addition, the price of crude oil saw a steep drop to $85 on Friday.
With this observable crash across multiple stocks and commodities, Bitcoin’s (BTC) drop triggered a price crash in the broader crypto market. This resulted in Shiba Inu collapsing below the pivotal $0.00002 support for the first time over six weeks.
Large Whales Procure 223B SHIB
However, as panic spread across the scene, SHIB witnessed what appeared to be an accumulation frenzy among large whale wallets. The Crypto Basic discovered four of these deep-pocketed addresses over the last 24 hours, with a buy-up spree that saw them amass over 223 billion SHIB amid the price volatility.
One of the earliest incidents involved the purchase of 107.1 billion Shiba Inu tokens by a new whale address from Coinbase yesterday at 9:38 AM (UTC). The transaction occurred a few hours after Shiba Inu collapsed to the 6-week low of $0.00001830 on April 13.
Shortly after this transaction, another new whale address scooped up billions of SHIB from Coinbase across three transfers. The first transaction involved 23.3 billion Shiba Inu tokens at the same time as the earlier highlighted movement. Interestingly, these tokens came from the same Coinbase wallet involved with the earlier movement.
– Advertisement –
The second and third transactions also came from this Coinbase wallet, but occurred much later, with one involving 27.39 billion SHIB at 2:54 AM (UTC) today and the last one involving the accumulation of 21.92 billion Shiba Inu tokens at 4:26 AM (UTC).
Remarkably, the accumulation trend spilled further, with a well-established whale address joining the bandwagon. This whale procured 13.7 billion SHIB today at 5:08 AM (UTC). A few minutes after this, another well-established address received 29.6 billion tokens from Coinbase.
SHIB Rises 6.61% in 3 Hours
An interesting point to note is that all these addresses have held onto their SHIB tokens. As a testament to this buy-the-dip campaign, The Crypto Basic revealed this morning that Bitcoin investor Oscar Ramos recently declared his intention to procure more SHIB amid the price dip.
Meanwhile, Shiba Inu has set itself up on a recovery path, with these purchases now seeing unrealized profit at the current price. SHIB has increased by 6.61% over the last three hours, currently trading for $0.00002368. Its daily Commodity Channel Index (CCI) now sits at -138, suggesting that SHIB is currently undervalued.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
-Advertisement-
