Bittime – The crypto world was marked by a massive buying spree of Shiba Inu (SHIB) meme tokens by three big players, or what is usually called " whales ".
This news comes amidst the ongoing crypto market downturn. This buying action has the potential to be a positive signal for SHIB investors.
On-Chain Analyst: 3 Whales Buy SHIB
On-chain analysts managed to track large purchasing activity by three new crypto wallets.
These three wallets have bought almost 184 billion SHIB tokens in the last day. The total value of this purchase is around $5 million or IDR 72 billion (assuming an exchange rate of IDR 14,400).
These "whales" took advantage of the moment when the SHIB price fell to "buy the dip", which is a strategy of buying crypto assets when the price is falling with the hope that the price will rise again in the future.
Check Today's Crypto Market:
Purchase Details 3 "Whales"
Wallet 0x5913: Bought 75,018 billion SHIB worth $2 million (Rp. 29 billion) from crypto exchange Coinbase in the last 24 hours. Purchases were made through six separate transactions.
0xf770 Wallet: Bought 37.139 billion SHIB worth $0.99 million (Rp. 14.3 billion) from the Binance crypto exchange in one transaction.
0x6dFE Wallet: Accumulated 71,832 billion SHIB worth $1.91 million (Rp. 27.5 billion) from Coinbase through four transactions.
SHIB Price Performance
The overall SHIB price has increased 350% since the beginning of the year (year-to-date) , although it has experienced a slight correction recently. This price increase began last January in line with the general recovery of the crypto market and the strong trend of meme coins .
In the last 24 hours, SHIB price rose 2% to $0.00002668. Even so, SHIB trading volume fell 20% in the same period, indicating a decline in interest from some traders.
Positive Indicator for SHIB?
Several positive signals also accompany the buying action of these "whales". The first is an increase in SHIB's burn rate by 4,000% in the last 24 hours. Burn rate is a term that refers to the reduction in the number of SHIB tokens in circulation.
The higher the burn rate, the less SHIB will be in circulation, and in theory, this can push prices up.
In addition, interest in SHIB futures contracts on Binance has also been observed to increase in the last few hours.
Shiba Inu (SHIB) Trend Analysis: Should You Buy In?
Let's take a deeper analysis of SHIB's price movements and several factors to consider before you decide to buy.
1. Fundamental Analysis
- Token Utility: Does SHIB have any utility other than as a meme coin? Learn about the Shiba Inu ecosystem and the team's development plans to increase the usability of the SHIB token.
- Active Community: Active and supportive community involvement can be a driving factor in SHIB price growth.
- Burn Rate: Is SHIB's burn rate consistent and sustainable? An increase in the burn rate can reduce the amount of SHIB in circulation and potentially drive the price up.
2. Technical Analysis
- SHIB price currently stands at $0.00002668. Technical chart analysis can help determine the nearest resistance level that could hinder price increases.
- Observe momentum indicators such as RSI and MFI. If both indicators move into overbought territory, this could be a signal of a potential price correction.
- Pay attention to trading volume. A significant increase in trading volume could signal increased investor interest in SHIB.
Also read How to Buy Crypto:
Conclusion
A large buying action by “whales” could be a positive sentiment for SHIB. However, investment decisions must be based on in-depth research and analysis. Consider SHIB's fundamental and technical factors before buying.
Don't be lulled by hype news or FOMO (Fear of Missing Out). Crypto investments always involve high risks. Tailor your investments to your risk profile.
Although this large buying action by "whales" is positive news for SHIB, it is important to remember that crypto investment carries high risks.
Crypto prices can fluctuate and are difficult to predict. Always do careful research before investing in any crypto asset.
How to Buy Shiba Inu (SHIB) on Bittime
You can buy and sell Shiba Inu (SHIB) easily and safely via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Shiba Inu (SHIB) is available on Bittime with the market pair SHIB/IDR. To be able to buy SHIB IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Shiba Inu (SHIB) on Bittime.
Monitor price chart movements of Shiba Inu (SHIB), Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
Shiba Inu (SHIB): What is it, How Does It Work, and Why is it Popular?
Shiba Inu: Will it Jump 300% or Deeper Correction?
Solana Soars High: Meme Coin WIF and BOME Support
DISCLAIMER : This article is informational and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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