Shiba Inu (SHIB) has been on a rollercoaster ride lately, mirroring the ups and downs of the broader crypto market. The meme coin took a big dip, hitting its lowest point in over six months, but this didn’t scare away all the investors.
Whale Swims In
One smart investor, known as a “whale” because of the huge amount of crypto they own, saw this dip as a buying opportunity. This whale scooped up a whopping 220.34 billion SHIB tokens in just 48 hours! This purchase was made through a series of transactions, with the biggest one being 216.397 billion SHIB. At the time of the purchase, these tokens were worth around $3 million.
Institutional Interest?
What’s interesting is that the tokens came from Coinbase Prime Custody, a service for big-time investors. This suggests that the whale might be an institutional player or a wealthy individual using professional tools to manage their crypto. This kind of big move shows that some people still believe in SHIB’s future, even after the recent price drop.
Meme Coin Volatility
The recent price drop highlights the risky nature of meme coins. SHIB’s fall was triggered by a dip in Bitcoin, pushing it below important support levels it had held for months.
However, SHIB has bounced back a bit since then, gaining 22.5% from its low point. This shows that some investors are buying back in or adding to their holdings, like the whale who bought billions of SHIB. But SHIB still hasn’t fully recovered, and is down 16.2% over the past week.
