Cryptocurrency market has been seeing corrective price movements since November 10 and whales are outstripping stablecoin positions. According to analyst Arman Shirinyan, this may be due to the Shiba Inu (SHIB), which whales continue to buy despite 50% depreciation. On-chain data reveals $36 million of SHIB purchases during the correction phase. We take a look at whales’ altcoin transactions.
Whales collect altcoins at bottom prices
Cryptocoin. com, whales on the Ethereum network reduced their Shiba Inu investment by more than 4%. Also, some of the whales decide to move their funds to USDT. As for the transactions of a giant whale spotted in the past hours, the giant wallet reportedly bought SHIB through an OTC deal or a private transaction for $36 million. The value of the transaction in Shib is 850 billion tokens. Shiba is currently 2% of its value. The whale booster effect is not observed, as it has lost 79 of them.
Shiba Inu managed to rise 23% before the last drop, but quickly lost all gains within a few days in the Bitcoin-led pullback. Shiba’s loss stretches to 50% when measured from its peak price. Compared to dog-themed cryptocurrencies, Shib seems to be keeping up with the overall decline. In the process, Floki has lost 59% and Dogecoin is down 35% from the most recent local peak. At the time of writing, the Shiba Inu is trading at $0.000042, which is considered a support zone as it reached on November 19 and successfully tested it by bouncing back more than 20%.