The price of Shiba Inu Coin (SHIB) jumped about 10% after an early investor, who previously made $145 million from SHIB, bought an additional 715 billion coins, showing renewed interest in the meme coin.
This surge has captured investors’ attention, as significant whale accumulation suggests growing confidence in SHIB. The recent purchase by the early buyer has helped pump the coin’s price, indicating increased investor interest.
Early SHIB Investor’s Massive Purchase Boosts Price
Spot On Chain reports that an early SHIB investor, who previously gained $145 million in profits, has re-entered the market after two years. In the past five hours, this entity swapped 4,849 WETH, worth $18.5 million, for 715.8 billion SHIB. This massive purchase has significantly boosted the price of Shiba Inu.
The report also indicates that this recent accumulation has increased the SHIB price by around 10%. Additionally, the transaction details from Spot On Chain highlight the entity’s current holdings of 9,207 ETH and WETH, valued at $34.9 million, suggesting the potential for further SHIB purchases.
Source: Spot On Chain
Previously, this investor traded 8.29 trillion SHIB between February 2021 and June 2022, making substantial profits by buying early in March 2021 and selling during the major price surge in October-November 2021. This strategy resulted in an estimated profit of $145 million, representing a remarkable 5,201% gain.
Whale Activity Boosts SHIB Price and Investor Confidence
The whale’s recent activity has not only boosted SHIB’s price but also reflects increasing investor confidence in the meme coin. The substantial investment from an experienced trader indicates a bullish sentiment, which could attract more investors to the market.
This significant whale activity aligns with broader trends in the cryptocurrency market, where strategic investments by major players often lead to notable price movements. The early investor’s re-entry into SHIB after a successful trading history adds credibility to the meme coin’s potential for future gains.
The SHIB community is likely to view this whale accumulation as a positive sign. Large-scale purchases can signal confidence in the asset’s long-term value, encouraging other investors to follow suit. Additionally, the recent whale accumulation follows a massive spike in the SHIB burn, further fueling investor confidence.
As of writing, the Shiba Inu price was up 9.70% and trading at $0.00002612, with its one-day trading volume jumping 27% to $822.54 million. Over the last 24 hours, the meme coin’s price reached a high of $0.00002617, with CoinGlass data showing that its Open Interest rose 13.25% to $102.49 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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