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Shiba Inu Coin whale activity has been on the rise recently. Anonymous investors have been spending millions of dollars buying more Shiba coins.
This comes at a time when the coin has been dipping in price. An increase in whale activity has left analysts wondering whether this signals the market is about to pump again.
Recently, a whale by the name of Gimli is reported to have bought over 28 billion coins worth at least 1.1 million dollars in fiat money.
Data from a whale tracking platform whalestats also indicate there was a 42% increase in Shiba coin holding by the top 100 Ethereum wallets. All this increase happened within 24 hours.
This resurging whale activity could either indicate they are taking advantage of the low market prices or a bullish momentum is imminent.
Effects of Whales in the Market
Ordinarily, retail investors keep a close eye on whales’ activity as it could be a signal of the near future market direction. For a 30 billion dollars coin, whale activities remain as it has the capabilities of influencing the price.
These large buyers come just after the coin was listed on the Kraken platform. A month earlier, this listing had failed to take after the platform said they needed more time to get ready. Immediately after going live on Kraken, the coin rose by 30% indicating the effects of having Shiba coin on major platforms.
Talking about listing, the campaign to have Shiba on Robinhood continues with over 500 thousand petitioners having signed up the request.
listing on Robinhood could give the coin a bigger boost than what has happened with Kraken.
Buying the Dip
Most whales are taking advantage of the low Shiba coin price to add up their holding. Since hitting an all-time high last month, it has been trading over 50% lower.
This creates a great chance to buy more especially for the long-term investors. SHIBARMY group, a famous fanbase of Shiba Inu coin has also been urging its members to buy more coins in anticipation of a price increase soon.
Shiba is synonymous with huge price bursts after a period of consolidation. Both the indicators and price action signals show a likelihood of a coming bullish momentum.
This combination of low prices and bullish market signals are part of the reasons why whale activity is increasing.
Shiba Metaverse Games Venture
Some analysts are also attributing the resurgence in whale activity to the announcement by the coin of its plans to launch Shiboshis metaverse games.
The metaverse concept allows the connection of both digital and physical space with analysts predicting this could form the future of some industries such as gaming.
Other networks both centralized and decentralized are working to launch their metaverse products as well. This announcement by Shiba is a bullish signal contributing to the increase in whale activity.
Even, with the increasing whales’ activity, the coin remains bearish having lost at least 4% in the last 24 hours. Hopefully, this will trigger a trend reversal and return the coin to its previous high again.
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