During the market crash, traders were shocked to witness the great fall in the price of Bitcoin and other leading cryptocurrencies. Following these coins, other small altcoins also began to dip in price where SHIB and Doge had greater losses than Bitcoin.
Significantly, SHIB dipped over 16% during the market crash but somehow managed to rebound at a 10% daily loss. At the time of writing, SHIB was trading at $0.00003928 which is nearly 3% up in a day. Utilizing this dip as an opportunity, some whales have bought a significant amount of SHIB. Even when the market doesn’t seem to change bullish, whales have confidently invested in SHIB tokens.
According to the volume indicator, the volatility of the SHIB coin stays low as both purchasing and selling action is diminished. Moreover, it seems like SHIB is undergoing a pullback in price action resulting in a market correction.
Whales Purchase SHIB
Since November 26, the token has been traveling in a limited range and has yet to break through either of its borders. Before the cryptocurrency market plummeted by more than 10% in a single day, the top 1,000 Ethereum wallets exchanged more than 8% of their Shib assets for USDT and other Ethereum-based stablecoins.
At press time, whale holdings had returned to pre-correction levels, with about $1 billion worth of holdings left on whale-tier wallets. Shiba Inu’s price does not appear to be reacting positively, as the token currently trades at $0.000039, with 3% up in one day.
Collectively, during the market crash, Bitcoin holders were disappointed to witness the huge fall in price action. After Bitcoin, many small altcoins also plummeted in price value resulting in a huge loss for the crypto market. Using this dip as merit, many traders and investors have invested in leading cryptocurrencies.