Shiba Inu Whales Buy 2.1 Trillion SHIB as Prices Bounce from 100-day Low

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Shiba Inu price plunged to a 3-month low of $0.000017 on June 18, before rebounding 10% over the next 48 hours to hit reclaim $0.000019 on Thursday June 20, on-chain data analysis explores how whale investors funded the rapid SHIB price recovery. 

Shiba Inu Plunges to 100-Day Bottom

As the global crypto market slipped into a consolidation phase in June 2024, mega cap memecoins like Shiba Inu (SHIB) and Dogecoin (DOGE) suffered a more pronounced downtrend than other major crypto sectors.

Evidently, as the market FUD intensified, Shiba Inu crash investors began cutting back on their positions to reduce exposure to the crypto sector most-sensitive to social sentiment. This led to a rapid 43% decline over an eventful 21-day period.

Shiba Inu Price Action | May 28 – June 20, 2024 | TradingView

As depicted in the chart above, the Shiba Inu price downtrend began in late-May before hawkish US macro economic indices intensified the market FUD in June.

Between May 29 to June 18, SHIB price fell 42.7% from $0.000029 on May 29 to hit record low of $0.000017, unseen in over 100 days dating back to March 2, 2024.

However, after that 21-day losing streak, SHIB bull traders managed to turn the tide, scoring a lofty 10% recovery over the next 48 hours, as it prodded above the $0.000019 level at the date of publication on June 20.

On-chain data trends show that Shiba Inu whale investors’ resilience may have been the major catalyst for the ongoing SHIB price recovery.

Whale Investors Acquire 2.1 Trillion SHIB in 25-Days

SHIB’s 10% price rebound from the 100-day bottom recorded on June 18 has raised optimism among retail traders. But looking at the on-chain trends, Shiba Inu’s largest whale investors had kept up an optimistic outlook during the correction phase.

The Santiment chart below track real-time changes in the number of tokens held by the top 10 largest Shiba Inu holder wallets.

Shiba Inu price vs. SHIB Top 10 Holder Wallets | Santiment

Shiba Inu’s top 10 largest investors held a cummulative balance of 603.5 trillion SHIB tokens as of June 6. But while the crypto market downtrend intensified, rather than join the selling frenzy, the SHIB whales instead opted to capitalize on on the price crash to buy the dip.

At the time of writing on June 20, the top 10 SHIB whale wallets now hold 605.6 trillion SHIB. Valued at the 20-day SMA price of $0.0000231, this implies that they spent over $48.5 million acquiring 2.1 trillion SHIB over the last 14-trading days.

When whale investors purchase such a large amount of token during a market dip, it is interpreted as a solid bullish signal for a number of reasons.

Firstly, the persistent flow of large volume whale purchases provides much-needed market liquidity, mitigating the price downswings as panic seller rapidly exited their SHIB positions.

More so, when whales are buying it boosts the confidence of existing bull traders while also encourage prospective investors on the sidelines to enter the fray.

Evidently, these key factors have play a vital role in spurring the ongoing Shiba Inu price recovery.

If the trend persists, Shiba Inu price is likely to reclaim the $0.000020 milestone territory in the coming days.

This article was originally posted on FX Empire

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