Source: Coingape
The price of Shiba Inu (SHIB) had a decline of more than 15%, reaching $0.00002584, resulting in a general drop in the cryptocurrency market.
Nevertheless, prominent investors, sometimes referred to as whales, acquired 184 billion SHIB, equivalent to around $4.9 million, at a reduced price from exchanges such as Coinbase and Binance.
The investors’ purchasing binge indicates a calculated and purposeful action. SHIB has consistently garnered attention from large investors, as evidenced by recent acquisitions made by Coinbase and Binance.
Whales, due to their significant influence on market movements, raise inquiries over the price potential of SHIB.
Although there was a decline in market sentiment following a period of positive growth in February and March, data from IntoTheBlock indicates a little shift towards pessimistic behavior among large SHIB token holders.
The price has experienced fluctuations, reaching levels of support and resistance. However, recent investments by large investors indicate confidence in a potential market recovery.
The current trading price of SHIB is $0.00002736, which is 23% lower from its highest point. However, a recent trend indicates that it may reach a price range of $0.00058 to $0.00062 in the near future.
If the upward trend continues, the price might potentially hit $0.00008, driven by positive whale behavior.
James Wilson is a crypto writer and researcher with over 5 years of experience in the industry. He is a graduate of the University of California, Berkeley, where he studied computer science and economics. After graduating, he worked as a software engineer at a major tech company before transitioning to a career in crypto.
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