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Whale Purchases $38 Million Worth Of SHIB, A Rebound On The Horizon?
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Whale Purchases $38 Million Worth Of SHIB, A Rebound On The Horizon?

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
Ethereum Whale

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Shiba Inu (SHIB) token has witnessed high-value transactions again, leading to intrigue among its community. As significant amounts of SHIB change hands, many wonder if these moves signal a forthcoming positive shift in its market position or a rebound, as the asset is currently in a downtrend.

Whale Alert, a renowned blockchain tracking platform, disclosed that a transaction of 4.65 trillion SHIB tokens, equating to approximately $38.39 million, moved from Bitvavo to an unidentified wallet.

🚨 🚨 4,653,778,173,637 #SHIB (38,391,343 USD) transferred from #Bitvavo to unknown wallethttps://t.co/KFZzJIvU5q

— Whale Alert (@whale_alert) August 21, 2023

High-Value Transactions Coincide With Shibarium’s Developments

It’s worth noting that this isn’t an isolated event. A similar transaction occurred just a day prior, where an almost equivalent amount of 4.6 trillion SHIB tokens (around $38.70 million) was transferred from one undisclosed wallet to another.

🚨 🚨 4,669,778,173,637 #SHIB (38,707,791 USD) transferred from unknown wallet to unknown wallethttps://t.co/c6LPXZFq2h

— Whale Alert (@whale_alert) August 20, 2023

These high-value transfers correlate with the start of Shibarium, the Ethereum-based layer-2 blockchain, which has been the cause of a spike in SHIB transactions. The surging activity, especially after introducing the Shibarium blockchain, naturally raised eyebrows within the Shiba Inu community.

Related Reading

Shiba Inu

Shibarium Launch Saga: Block Production Resumes Despite Stuck ETH

1 year ago

To address rising concerns about the safety of assets, the Shiba Inu team came forward in its “All Is Well” blog post, offering clarity on the technical issues, and emphasizing the security of the users’ assets.

SHIB Rebound On The Horizon?

While it’s undeniable that there may be growing attention on Shiba Inu, especially after these whale activities and the Shibarium blockchain’s developments. It may be too soon to forecast the exact trajectory SHIB will take.

However, analyzing the Shiba Inu price chart suggests there could be a potential rebound, though it might not be imminent. On the 4-hour chart, Shiba Inu displays a pronounced downward wick. This indicates the presence of more liquidity in this downside range, which could suggest further decline as market makers may seek to capture this liquidity.

Shiba Inu (SHIB)’s price chart on TradingView
Shiba Inu (SHIB)’s price is moving downward to take out liquidity in the marked wick on the 4-hour chart. Source: SHIB/USDT on TradingView.com

To clarify, a wick refers to the thin line/vertical line above or below the main body of a candlestick. The wick represents an asset’s highest and lowest prices during a specific time frame, such as the candle marked above.

Related Reading

Shiba Inu SHIB Shibarium

How High Can Shiba Inu (SHIB) Rise When Shibarium Restarts?

1 year ago

Regardless of the above analysis, significant whale purchases highlight the commitment of Shiba Inu’s investors. Such activities underscore their interest in adding to their SHIB holdings. This growing attention on SHIB is especially noteworthy given its recent Shibarium project launch.

Featured image from Unsplash, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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