According to Santiment’s report, altcoin whales continue to buy heavily despite the falling Shiba (SHIB) price. Today, they have amassed billions of SHIBs in about half an hour.
Altcoin whales accumulating SHIB despite rapid depreciation
According to data provided by Etherscan, several anonymous wallets transferred a total of 33.42 billion SHIB in about half an hour today. These transactions likely represent purchases or redistributions of crypto. According to the data, a third of the 33.4 billion SHIB was moved from the Binance exchange.
The two largest transactions here carried a similar amount of 11.2 billion units. The second largest transfer in size contained more than 7 billion SHIBs. The other three each carried 1.2 billion SHIB.
SHIB price trades at four-month low
The popular altcoin has survived the recent market volatility with the help of whales. Despite a 13% drop on May 1, SHIB holders of between 1 million and 1 billion adhered to their savings strategy.
According to analytics firm Santiment, wallets holding between 1 and 10 million SHIBs sold 500 billion SHIB worth $5 million in late March before returning to sale. This group controls about 67% of the total supply of SHIBs, with 10 million to 100 million SHIB holders and 100 million to 1 billion SHIB holders.
The tendency for large wallets to accumulate is both an opportunity and a threat to the SHIB price. On the one hand, the acquisitions provide Shiba with stability and a faster recovery from market downturns. On the other hand, any sale these whales make has a major impact on the SHIB price.
Why whales buy SHIB
Despite recent purchases, Shiba Inu’s latest price analysis showed a bearish trend. It last fell to a four-month low in January of this year. The meme coin has been struggling against the sideways pull in Bitcoin and Ethereum price lately.
But there are signs that the Shiba Inu is trying to recover. It has experienced a modest 0.80% increase over the past 24 hours. Thus, it signaled a possible turn in the near future. As always, the actions of major wallet holders will be critical in determining the future price of SHIB. Investors will watch closely if they continue to accumulate or if they start selling.
On the technical front, there is diminishing negative sentiment as measured by the Moving Average Convergence Deviation (MACD) indicator. While there is still a bearish crossover in the momentum indicator, the red bars are fading in the histogram. The MACD line (blue) is approaching the signal line (red), signaling a bullish crossover should this happen.
In conclusion, despite these technical indicators showing that the current negative trend may not last forever, investors should still keep an eye on Shiba Inu price movements. cryptocoin.comAs we reported, AI forecasts predict another zero by the end of May.
