Are Shiba Inu Whales trying to buy the market bottom?

Sahana Kiran
Shiba Inu
Source – Unsplash

Shiba Inu [SHIB] emerged as one of the most sought-after cryptocurrencies in 2021. The altcoin amassed immense popularity within months and even managed to bag a spot in the coveted top 20. The numerous partnerships that SHIB entered into this year had a substantial influence on the demand. The ones that were most interested were the whales across different networks.

Following a huge downturn, Shiba Inu was picking up its pieces. With a 4.43 percent increase in the previous 24 hours, the cryptocurrency was selling for $0.0000268. Whales were notified, despite the fact that this recovery was better than other assets. The collaborations that SHIB has been involved in lay the stage for a possible future rise. Taking this into account, whales were pocketing large amounts of Shiba Inu, despite the fact that its worth is nominal at the moment.

A brand new whale entered the market with a purchase of 442,637,867,858 SHIB worth $11,969,061. This took place between Ethereum wallet 0x079495cf40e8dd9b1bdd78046950364ec3c9557c who sent the aforementioned SHIB to the wallet 0x15abb66ba754f05cbc0165a64a11cded1543de48.

Shiba Inu climbs up the ETH whale ladder

It appears that ETH whales were interested in buying and holding Shiba Inu. As a result, the cryptocurrency has re-entered the top ten most acquired tokens by the top 1000 ETH wallets in the previous 24 hours. SHIB was ranked third, only behind Ethereum [ETH] and FTX Token.

Shiba Inu
Source – WhaleStats

Shiba Inu’s total whale holdings peaked at 17.21 percent, while FTX Token was at 18.97 percent. Whales may soon push SHIB to the top as it continues to put up additional expansion opportunities for the community.

In addition, March appears to be a good month for Shiba Inu. The cryptocurrency will make its debut on AMC, a well-known movie theatre company. Its collaboration with fashion house John Richmond has further demonstrated the altcoin’s worldwide appeal and worth.