Once again stagnancy prevailed in the market. After yesterday’s dainty recovery assets like Shiba Inu [SHIB], Terra [LUNA], Polygon [MATIC] were in the red zone. Bitcoin’s efforts to move beyond $39k were once again cut short as the bears emerged slowly into the market. Glancing through the meme coin market that was in a price rut, whales were alerted.
Shiba Inu is undoubtedly one of the most popular cryptocurrencies. After a solid price run in 2021, the meme coin is currently undergoing a drawdown period. SHIB has dropped by over 75.57% since it hit an all-time high of $0.00008845 about three months ago. Despite this massive drop in its price, the fervor around the coin persists.
The Shiba Inu community has been rolling out timely developments which have got the community expecting big in terms of its price. Whales wanted in on all the SHIB fun. Of late, an array of ETH whales were seen making big purchases of SHIB tokens. Earlier today, a SHIB whale moved SHIB tokens close to 50 billion. WhaleStats took to Twitter to report this movement.
47,954,038,442 SHIB tokens worth $1,039,870 were sent from the Ethereum wallet 0x941b4fdb4b1533ab2cc8b90ff0700f658b4aa642 onto another wallet 0x817167a0e3b528136be56643b7a593cfb95d5907.
Additionally, the Ethereum wallet that moved the aforementioned amount of Shiba Inu still entailed a balance of 8,782 ETH.
This isn’t the first time this week that such a massive transaction had taken place. Just yesterday, a whale named Jiraiya purchased a whopping 49,998,760,270 SHIB tokens.
Despite the massive whale movements and consistent burns, the price of Shiba Inu was stuck at $0.00002149. However, this individual believes there’s hope for Shiba Inu with regard to its price.
This is how Shiba Inu will reach $0.01
A prominent firm, Bigger Entertainment has been making news, particularly in the SHIB community. The owner of the firm, Steven Cooper was seen burning SHIB tokens and hosting virtual parties for the same, over the last couple of months. Cooper has been going all-in on Shiba Inu and now he believes that entertainment can boost the price of SHIB.
He further believes that employing this method to bolster an asset’s price was rather groundbreaking and a first of its kind.