Shiba Inu (SHIB) spiked above $0.000026 as large investors, known as whales, bought trillions of SHIB in an apparent buying spree. SHIB reached an intraday high of $0.00002627 after rising 7% from the previous day’s low of $0.00002453.
However, this increase was short-lived, and SHIB is now trading at $0.00002551. This rise in SHIB’s value happened alongside a general optimism in the market, driven by Bitcoin’s rise to the $70K range. At the time of writing, Bitcoin is holding the $70K level despite attempts to push it down from an earlier high of $71,735.
Prominent Investors Accumulate Trillions of SHIB Tokens
Interestingly, with the onset of this bullish momentum, prominent investors began accumulating SHIB tokens in the trillions. Crypto surveillance account Lookonchain highlighted this development in a recent update on X.
Source: X
According to the update, nine wallets, including two whales, collectively pooled $35.2 million to acquire a staggering 1.35 trillion Shiba Inu tokens. Additionally, the update revealed that four of the investors leveraged portions of their Ethereum portfolios to acquire Shiba Inu tokens. Their entry points varied, with some purchasing SHIB as low as $0.00002557 while others entered at the peak of $0.00002620. However, the average purchase price settled at $0.00002596.
Meanwhile, Shiba Inu trading at $0.00002551 implies that the latest group of investors is currently underwater. Yet, it is conceivable that they may maintain their positions due to popular confidence in Shiba Inu’s potential for significant profits.
For instance, a savvy investor entered the Shiba Inu market on March 1, just as the asset began a bull rally that culminated in SHIB reclaiming a three-year high of $0.000045. This investor held onto their SHIB tokens for the remainder of the month before selling to realize $8.24 million in profits.
Prominent Shiba Inu Whale Makes Significant Investments
In a previous update, Lookonchain highlighted the activity of a prominent Shiba Inu whale who solely invested $18.44 million in SHIB. Specifically, on June 5, this whale exchanged 4,849 ETH tokens to acquire 715.9 billion Shiba Inu tokens.
According to the update, this whale is renowned for its significant investments in Shiba Inu. During the early stages, it spent approximately $400,000 to purchase 5.5 trillion SHIB. Later, at two peak points, it sold its holdings for around $121 million.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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