Whales Accumulate Billions of Shiba Inu; What to Expect? 

Reddit User Plots Ambitious Plan to Burn 500 Trillion SHIB in 4 Months

Shiba Inu whales have recently been storing SHIB tokens as Whale buys about 312 billion SHIB worth $3.3 Million.

WhaleStats, a platform for tracking whales, recently revealed on Twitter that “BlueWhale0073,” who was rated 254 on the platform, purchased billions of tokens through a few transactions.

The aforementioned significant player added around 194 billion SHIB tokens worth $2.06 million via the initial transaction.

It recently purchased 117.8 billion SHIB for $1.25 million in another transaction

This indicates that BlueWhale has acquired around 311.9 billion tokens totaling more than $3.3 million.

Despite the purchases, SHIB’s price chart has not been trending upward. It is currently in decline and, in the absence of positive support, might fall as low as $0.00001

Related Reading: 8M+ SHIB Burned in 24 Hours;  Burn Rate Increases

What Does This Mean For Shiba Inu?

According to a subsequent examination, BlueWhale’s wallet only contained 1.415 billion tokens in total. 

At the time of publication, they were each worth about $14.9k. 

This indicates that in addition to buying, the whale has also been cashing out by selling, putting downward pressure on the price of SHIB.

In addition, it is important to remember that the overall volume of major transactions is still fairly low (3.5 trillion SHIB) compared to the recent peaks (approximately 20-30 trillion SHIB) over the last month. 

This suggests that whales are likely acting cautiously at this time by not consuming too much Shiba Inu.

SHIB transaction volume. Source: ITB

The buyer-seller transaction differential at the time of publication actually depicted a bleak image for SHIB. 

On every occasion, the number of tokens sold exceeded the number of tokens purchased by billions.

It will therefore be difficult for the price to rise until the sales surpass the buys and the macro-bearish bias is apparent in the SHIB market

An uptick for Shiba Inu wouldn’t happen unless the Bulls moved the momentum ball in that direction.

Read Also: Shiba Inu Vs. Dogecoin: Who Will Do Better In 2023?

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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