Shiba Inu has been on the rebound since this week opened up for trading. The meme coin had not had the best of weeks as it had dipped to the $0.00003 range following the market crash. The dips have caused some to panic and question the viability of the cryptocurrency going forward. However, it has proved to be a buying opportunity for others who have loaded up on the cryptocurrency.
Hype still remains the major driving factor behind the meme coin but Shiba Inu has proven to be much more than that. Major exchange listings have brought the asset closer to even more investors and these newfound opportunities have shone through in the price of the digital asset.
Related Reading | Elon Musk Cosigns Tweet Warning Dogecoin Holders Against Margin Trading
Whales Load Their Bags
Whales have taken the dip in the price of the meme coin as an opportunity to fill their bags to the brim. Data shows that whales have made good use of these low momentum weeks to increase their holdings, with millions of dollars flowing into Shiba Inu in a week. One Ethereum whale had purchased $1,101,959.44 million worth of SHIB on Tuesday as mass accumulation continued among the whales.
Since the asset has not done well in November, it has been a buying spree for whales. One whale had bought $8 million in SHIB coin on November 17th as the dips raged on. Identified as a first-time investor in the asset, the whale had gotten a total of 170 billion coins for the purchase. Another whale had snatched up 850 billion SHIB at the price of $36 million on November 23rd when the dip was in full bloom.
SHIB recovers above $0.00004 | Source: SHIBUSD on TradingView.com
Data also shows that Ethereum whales have gone on a Shiba Inu buying spree. On November 29th, the top 1,000 Etheruem wallets had collectively increased their holdings in the meme coin by 42%. These wallets now hold a minimum of 2.5 billion tokens each.
Shiba Inu Rallies 33% In Response
The price of the digital asset had risen rapidly in response to the massive buys being made by whales. Shiba Inu had kicked off the week on a good note but Tuesday proved to be even better as the value of the token had grown 33% in a 24-hour period.
Related Reading | Binance Resumes Dogecoin Withdrawals After CEO’s Spat With Elon Musk
The digital asset had started out the week trading at less than $0.00004 but had risen so much in a 24-hour period that it had touched above $0.000054. This is propelled by the highly publicized whale investments that have been taking place.
For Shiba Inu, the race continues as it was recently listed on the Kraken crypto exchange. Robinhood, one of the largest trading platforms for its competitor Dogecoin, is still yet to list the meme coin.
Featured image from Business Guide Africa, chart from TradingView.com