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As the Price of the Shiba Inu coin continues to fall, Shiba Whale Gimli is busy accumulating more tokens. With the Shiba coin trading 60% lower from its high in October, this has created an opportunity for the buyers to accumulate at a cheaper price.
Since hitting the all-time high in October, the Shiba token has been experiencing a massive selloff to trade at the current price of $0.000037. This fall has also made Shiba lose its position among the top 10 largest coins in the market.
Who is Shiba Whale Gimli?
Gimli is among the most famous Shiba Inu Coin Whales. Lately, the whale has been very active in the market after making three large coin purchases within one month.
Recently, Data from whalestats, a platform that tracks whale activity in the market indicates Gimli purchased 53 Billion coins worth over 2.5 Million dollars. This takes his total Shiba stake to 1.2 trillion tokens. At the current price, this stake is worth over 50 Million dollars.
This purchase comes after acquiring another 28 billion coins worth over 1 Million dollars earlier this month.
Why Whale Activity is Increasing
After the long sustained Shiba price fall, most investors are predicting there could be a reversal towards the end of the year. Hence, most whales could be taking this opportunity to buy lower before it happens.
The chances of a reversal are being supported by the price action indicators. The price is trading at a key level that has previously been a support and a resistance zone.
There seems to be resistance to a further price fall with the coin consolidating at the moment. Although a reversal is not guaranteed, the probability supports it.
A reversal at this level could see the price rising to the October high. With good momentum, it could break the all-time high towards the $0.0001 level.
Future Shiba Price
With the exhaustion of selling momentum, the bullish reversal seems inevitable presenting an opportunity for buyers to come in.
Shiba Inu Coin is famous for its huge price rallies. As an example, the last rally saw its price grow by over 500% within a week.
This growth has made the coin very famous among investors. High global inflation levels are also driving investors to cryptocurrencies more so the top ones.
Being among the top 20 largest coins, Shiba is set to benefit from this shift.