While the Shiba Inu is discovering a new price bottom, a brand new whale is emerging from the abyss

Shiba Inu

The declines experienced by the altcoin market in recent days have contributed to SHIB discovering a new bottom in the ongoing cycle. The situation proved to be a real opportunity for one speculator, who suddenly became the thirty-first largest holder of the dog coin.

SHIB’s new whale

26 million dollars was the amount of money that a new SHIB buyer had set aside. This came just after the declines that hit the altcoin market, which caused many coins with small, medium, as well as large market capitalization to experience declines of their new price bottom. Among them was also the Shiba Inu. The subject who decided to acquire the dog coin, spending the amount indicated above, overnight became the thirty-first largest holder of SHIB. The total number of units he acquired amounted to 3.81 trillion.

The price drops also became a buying opportunity for another holder of a huge wallet. Well, the twentieth largest SHIB whale, also took advantage of the discount and around the same time added nearly 1.5 trillion SHIB to his portfolio, worth $10.02 million.

So it turns out that while some market participants decided to sell off their holdings sharply, others significantly increased the amount of assets they held. This has certainly contributed to stopping the price from diving further.

The process of burning Shiba Inu continues

While some are buying, others are burning. Importantly, both of these practices in the long run have the power to bring the SHIB price to higher levels. In the past week alone, 282.73 million SHIB disappeared from circulation forever. These operations took place in twenty-two independent transactions.

However, we should keep in mind that the burning of the Shiba Inu may not be enough to raise the price of the dog coin. Much has been said on this subject by Kusama himself, who issued a special announcement in response to the community’s frustration. You can read more about it in the material below:

“Leading developer Shiba Inu points out that burning tokens is not enough to move the price of SHIB.”

Shiba Inu hits a new low

As we mentioned in time above, the emergence of a new SHIB whale, coincided with the coin reaching a new low price of the ongoing cycle. Saturday, June 10 was the day when SHIB took a dive of almost 30%, reaching the level of $0.00000551. At the time of this writing, the value of the dog-eared coin is settling around $0.00000687, a rebound of 24.5%, achieved in just four days.

Disclaimer: Blockbulletin does not take accountability of investments based on the information of the website. We highly advice readers to make extensive research prior to any invest

Share this article

More news


XRP outperforms Bitcoin and Ethereum

In the past week, XRP decisively outperformed its main rivals, Bitcoin (BTC) and Ethereum (ETH), in terms of capital flows. Moreover, it recorded an impressive $2.7 million…

Solana and Avalanche on the eye of investment funds

Two alternative coins, Solana (SOL) and Avalanche (AVAX), are gaining increasing interest and are successively attracting the attention of investment funds. Although bitcoin (BTC) remains the main…
All articles loaded
No more articles to load


Cryptocurrency wallets

Cryptocurrency wallets

We talked about security when trading crypto assets in an article titled “Online security“. We also mentioned how important it…
hardware wallets

Cryptocurrency hardware wallets

From the article titled “Cryptocurrency wallets” you learned about the different types of wallets. They were briefly characterized there. Let’s…
Where to buy cryptocurrency brokers

Which cryptocurrency Brokers to use

In the article “Where to Buy Cryptocurrencies (Exchanges)“, we introduced you to which exchange platforms you can purchase cryptocurrencies on.…
Trading cryptocurrencies

Trading cryptocurrency

In the cryptocurrency market, you face many opportunities to invest in cryptocurrency or buy or sell cryptocurrency. If you want…
All articles loaded
No more articles to load


All articles loaded
No more articles to load

Latest news

All articles loaded
No more articles to load