A day after SHIB holdings on the major wallets on the Ethereum Network reportedly dropped 4%, another whale trader has capitalized on the dip to purchase more Shiba Inu tokens. The whale-tier address announced entry with $36M worth of SHIB bought.
The correction on the crypto market is still going on, with many whales abandoning their positions by moving into stablecoins, such as Tether. Still, the correction didn’t bother one of the whales, as the trader swooped in to purchase more Shiba Inu tokens.
SHIB’s Price Remain Unchanged After Whales Actions
$36M worth of Shiba translated to 850 billion tokens. Experts were confident that the whale’s purchase will positively affect the price of the meme coin, but to their surprises, it still remains unchanged.
Experts opine that the reason Shiba’s price didn’t follow the whales actions is the coin’s loss in value. At press time, SHIB’s value is down by 1.2%.
Shiba Inu Spiked 23% Once in November
Last week, the Dogecoin rival spiked 23%, but it suddenly lost 7% of its value two days later. According to CoinMarketCap, the total loss from the top is 50%.
Compared to other meme tokens, Shiba seems to follow the pattern. Floki, the other meme coin, lost 59%, while Dogecoin shed 35% from its recent fall.
Currently, SHIB’s value is $0.000043, which many opine is the support zone, since the coin had previously reached it last week. Yesterday, it traded at $0.00004497, a 2% increase from the previous intra-trading day.
Yesterday, SHIB holdings dropped to 18% from 22% losing almost 50% of its value from its all-time-high attained on November 19. Experts solely blamed whale traders for the misfortune, as most of them redistributed 7% of their funds and turned their focus on fiat-backed cryptocurrency and other tokens.
According to WhaleStat, traders focused on trading USDT, Chainlink, CRO token, and BitPanda, with the aim to minimize risk exposure from the ongoing correction. This was evident in the ERC-20 holdings in the various Ethereum wallets.
SHIB is rumored to be adopted by electronics retailer Company Newegg soon after the latter tagged lead developer Shytoshi Kusama and the coin’s official Twitter account in a recent tweet.
The SHIB community is optimistic that Newegg alongside more companies will add payment support for the canine coin. Till date, no businesses have integrated SHIB coin payments.
This is in contrast to Dogecoin that was recently accepted by cinematic chain AMC as a means of payment of tickets and concession stands. Newegg itself accepted DOGE payments back in April, adding it to the list of other supported cryptos, such as BTC and ETH.