A massive buy-in by a newly identified whale has shocked the Shiba Inu community and renewed optimism for a bullish resurgence. This new whale activity suggests renewed investor confidence as SHIB claws its way back towards the $0.00001 mark.
On February 15, SHIB rode the wave of a broader market rally, briefly reclaiming the $0.00001 price point for the first time in a month. However, this momentum stalled after a retest, leading to a correction that saw the meme coin plummet to $0.0000093 on February 16. It has stayed below $0.00001 since then, mirroring the broader market correction.
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Whale Scoops Up 323 Billion SHIB Despite Market Dip
While the price drop triggered panic among some investors, others saw it as an opportunity to buy the dip. One such case involved a new whale address identified by blockchain analytics platform Arkham Intelligence, which accumulated a staggering 323.48 billion SHIB tokens on February 21.
This purchase marked the wallet’s first recorded transaction. Notably, the tokens were acquired at $0.00000944, representing a total value of $3.053 million at the time of purchase. Despite the subsequent decline in SHIB’s price, the whale’s holdings have rebounded to $3.102 million, with SHIB’s climb to its current price of $0.00000959.
SHIB’s metrics are currently bullish, indicating it could soon breach the $0.00001 level again, giving this investor more profit.
Coinbase Prime Custody Connection Adds Intrigue
Adding another layer of intrigue, Arkham Intelligence suggests that the wallet sending the funds might be affiliated with Coinbase, the leading cryptocurrency exchange in the United States. Data indicates that the sending address belongs to a Coinbase Prime Custody wallet, which received the SHIB tokens from another Coinbase Prime wallet last month.
This connection has led some market participants to speculate that the recipient wallet could also be a Coinbase entity, suggesting an internal fund movement within Coinbase Custody. However, due to limited information, the exact nature of the transaction and the identities of the involved parties remain unclear.
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Shiba Inu (SHIB) Recovers, Eyeing $0.00001 Again
Although SHIB is down 2.84% over the past week, it has rebounded by 2.49% over the past 24 hours and is on the rise. The recent whale activity and SHIB’s price recovery suggest renewed investor confidence in the meme coin.
While it remains to be seen whether SHIB can definitively reclaim the $0.00001 mark, ChatGPT and Google Gemini (previously Bard) recently predicted higher prices for SHIB if Bitcoin can reach a certain milestone after the halving.
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