Whales continue to show their faith in Shiba Inu after 40% retreat.
Following the global cryptocurrency market crash, Shiba Inu whales are not forgetting their favorite meme tokens and can’t wait to buy more. Just like this whale that bought 171 billion tokens.
Two Major Transactions Happened
The first major transaction came about a day ago when the whale bought $6 million worth of SHIB tokens. The token is trading around $0.000049 after a major correction in the cryptocurrency market. Eleven hours after the first order was executed, the whale decided to buy a smaller portion of the Shiba Inu tokens and bought itself another $2.3 million worth of tokens when Shib dropped to $0.000048.
With increasing control of whales, market participants expect the trend to reverse. After the Shib reached its previous ATH, the whales’ share of the net decreased slightly, resulting in a massive 45% correction in less than a week.
With the increasing number of whales in the market, retail traders will no longer make up the majority of the market and whales – unlike smaller traders – tend to hold their positions until new highs hit.