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:
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.