Whale Returns to Scoop, Can SHIB Price Soar to US$0.00008?

Shiba Inu (SHIB) has emerged as a prominent name, especially among meme coins, attracting the interest of investors and traders alike. During the past week, SHIB experienced a notable price decline amidst a widespread correction affecting much of the crypto market.

This period has been particularly challenging for SHIB holders as the meme coin's price dropped to a low point of US$0.00002584 early in the week. This marks a significant decrease of over 15 percent from its previous value of US$0.00003069.

Nevertheless, the price drop of SHIB has presented an opportunity for large investors, commonly referred to as whales, to acquire SHIB at a discount.

Whale Returns to Shiba Inu Crypto

Bitcoinist reports that, during this turbulent week, on-chain data reveals that several new whale accounts for SHIB have emerged, collectively scooping up 184 billion SHIB, valued at approximately US$4.9 million. These purchases were made from leading crypto exchanges such as Coinbase and Binance, highlighting the strategic moves by these investors to take advantage of the price dip.

The acquisition of large amounts of SHIB by these new whale accounts was highlighted by on-chain transaction tracker The Data Nerd on social media.

Detailed analysis indicates that two of these accounts each invested US$2 million in SHIB tokens via Coinbase, while the third account secured US$1 million SHIB from Binance. This activity occurred within a 24-hour period, underscoring the swift actions taken by these investors.

Further scrutiny of these wallets indicates that they have been holding onto their SHIB tokens, signaling a long-term investment strategy. Interestingly, the 2 percent price increase in SHIB within the following 24 hours has already seen these wallets profiting from their investment.

This rapid change illustrates the volatile nature of the crypto market, where fortunes can change quickly.

The influence of whale investors on price and sentiment in the crypto market cannot be underestimated. Historically, Shiba Inu has experienced bullish momentum periods, notably observed in February and March.

However, the current trend has shown a bearish phase for SHIB, with data from IntoTheBlock indicating a shift to a more cautious stance among SHIB whales. This change in sentiment is illustrated by the current count of 123 bear whales compared to 117 bull whales, based on a seven-day average.

This shifting momentum has resulted in SHIB's price fluctuating between the US$0.00002392 support level and the US$0.00003308 resistance level. According to crypto analyst SHIB Knight, the token has bounced off the support twice and been rejected at the resistance level on two occasions.

Despite these challenges, recent purchases by new whale accounts and other bullish investors indicate confidence that the current SHIB price drop is temporary, with expectations of recovery and upward trends in the near future.

At the time of writing, SHIB is trading at US$0.00002736, marking a 23 percent decrease from its recent peak of US$0.00003592 during the latest bull run.

Crypto analyst Captain Faibik has identified a new technical pattern on the Shiba Inu price chart, indicating the potential for SHIB price to spike to between US$0.00058 and US$0.00062 in the coming weeks.

If SHIB reverses its current bearish momentum and embraces a bullish trajectory, the crypto could surpass these projections, potentially reaching US$0.00008 or higher. Let's watch closely.