Shiba Inu Crypto Whale Returns: Massive SHIB Buy Signals New Bull Run?

The post Shiba Inu Crypto Whale Returns: Massive SHIB Buy Signals New Bull Run? appeared first on Coinpedia Fintech News

Shiba Inu (SHIB), one of the most popular memecoin in the cryptocurrency industry, has experienced significant gains recently. Riding the memecoin craze, SHIB has once again started to climb. Currently, SHIB is trading at $0.00002616, reflecting a 9.53% increase in the last 24 hours, making its investors happy.

$120M SHIB Profiteer Back in Action

According to LookonChain, a major blockchain analytics platform, reported that a crypto whale who previously made substantial profits from Shiba Inu (SHIB) has recently started accumulating SHIB again.

Early in SHIB’s history, this savvy trader invested approximately $400,000 to buy 5.5 trillion SHIB tokens. During two market peaks, he managed to sell these holdings for around $121 million, securing an impressive profit of more than $120 million.

Such significant buying activity often attracts attention within the crypto community, as it can signal potential future movements in the token’s price. Given this investor’s successful track record with SHIB, his recent purchases could be seen as a bullish indicator of the token’s prospects.

Savvy Whale Going Big On Shib

Over the past six hours, this investor has spent a staggering 4,849 ETH, equivalent to $18.44 million, to acquire 715.9 billion SHIB tokens, according to Lookonchain, a major blockchain analytics platform.

This massive purchase underscores the investor’s continued confidence in SHIB, even after previously making an extraordinary profit from the token.

Shiba Inu Price Analysis

SHIB has crossed the 50-day EMA at $0.000025, a positive sign. However, to maintain this uptrend, SHIB needs to turn the $0.00003 level from resistance into support. If it doesn’t, the price might fall below the 50-day EMA again.

Reaching $0.00003 won’t be easy, as data shows many sell orders at this level, with 124,220 addresses holding 92.2 trillion SHIB tokens bought between $0.000025 and $0.00003.

As of now, Shiba Inu (SHIB) is up by 9.53% at $0.00002616, with a market cap of over $15.4 billion. Daily trading volumes have increased by 16%, surpassing $763 million. This rise is partly due to an increase in the SHIB burn rate, which could push the price higher.

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