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Due to the sell-off of the cryptocurrency market worldwide, Shiba Inu whales have decided not to leave their favorite token behind. In fact, they wish to buy more! This just happened as a SHIB whale decided to buy 171 billion tokens.

Both Transactions are Large

Just 24 hours ago, this whale conducted his first large transaction purchasing $6 million worth of SHIB tokens. Due to a significant correction in the general crypto market, the token traded around $0.000049.

Eleven hours after this first transaction, this whale bought more SHIB worth $2.3 million at a time when the price dropped to $0.000048.

Better To Have More Whales?

With whales increasing control, market participants hope to see a trend reversal. After SHIB attained its initial all-time-high (ATH), there was a slight reduction in the division of whales. In less than one week, this resulted in a huge 45% correction.

With the way whales are increasing on the market, most of the market will no longer be composed of retail traders. Also, unlike small traders, whales usually hold their position waiting for new highs to arrive.

What’s going on in the Shiba Inu Market?

Yesterday, SHIB lost about 10% of its initial value. Presently, SHIB trades at a new low of $0.0000479. Trading volumes reveal that the retail traders are almost no longer interested in speculation concerning the Shiba Inu token.

The primary reason behind the rapid decrease in interest is the significant loss in the value of the token. If SHIB undergoes a 40% correction again, it may return to its post-pump prices. This may not happen because of the market’s considerable selling power or buying power.

 

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