Highlights:
- On June 6th, SHIB’s price increased by about 10% due to substantial whale accumulation.
- An early investor, who previously made $145 million from SHIB, has returned to buy the meme coin again, boosting investor confidence.
- The recent whale activity shows growing investor confidence in SHIB and suggests a bullish outlook, potentially attracting more investors.
The Shibu Inu coin has been the centre of attention in the crypto market for quite some time. Mostly, it has stunned investors with its unpredicted stunning growth. However, unlike many other coins, SHIB shows a continued growth tendency. As a result, its price increased by about 10% on June 6th due to substantial whale accumulation. An early investor, who previously made $145 million from SHIB, is buying the meme coin again. This is an important development. The price increase shows growing investor confidence in SHIB.
The Growth Witnessed
Spot On Chain reports that an early SHIB investor, who made $145 million in profits, has returned after two years. This investor exchanged 4,849 WETH, worth $18.5 million, for 715.8 billion SHIB. This large purchase has significantly increased the price of Shiba Inu. This massive transaction has significantly boosted the price of Shiba Inu. The report shows that this recent accumulation has increased the SHIB price by about 10%. Additionally, Spot On Chain’s transaction details reveal the entity holds 9,207 ETH and WETH, valued at $34.9 million, indicating the potential for more SHIB purchases.
Thanks To The Whales
At the same time, research indicates that the recent accumulation has increased the price of SHIB by almost ten per cent. Notably, the latest Spot On Chain transaction details show the entity holds 9,207 ETH and WETH, valued at $34.9 million. This suggests more SHIB purchases may be possible. Previously, this investor made huge profits by buying SHIB in early March 2021 and selling during the price spike in October and November 2021. Between February 2021 and June 2022, they traded 8.29 trillion SHIB, achieving an astounding 5,201% profit, resulting in an estimated $145 million.
The whale’s recent activity has boosted SHIB’s price and shows growing investor confidence in the meme coin. The large investment from an experienced trader suggests a bullish outlook, which could attract more investors. This significant whale activity aligns with broader cryptocurrency trends, where major players’ strategic investments often cause notable price movements. The early investor’s return to SHIB, after a successful trading history, adds credibility to the coin’s potential for future gains.
The Effect
The SHIB community will likely see this whale accumulation as a positive sign. Large-scale purchases signal confidence in the asset’s long-term value, encouraging other investors to follow suit. Additionally, this whale accumulation follows a massive spike in the SHIB burn, further boosting investor confidence. At the time of writing, the price of Shiba Inu had decreased by 5.60% to $0.00002367. However, its one-day trading volume had increased by 113.93%, reaching $832,123,706.
