As the price of Shiba Inu dropped by more than 5% alongside the other cryptocurrencies on the market, whales fully resumed their Shiba Inu buying spree again.
Over the last 24 hours, a top ETH whale has purchased SHIB tokens worth an incredible $3.22 million, according to a recent tweet from the WhaleStats Twitter handle.
The whale, tagged as "BlueWhale0073," bought a whopping 311 billion Shiba Inu coins in two separate transactions within a space of just a few minutes.
The whale made two transactions, the first one adding 194.11 billion SHIB to their portfolio for about $2.06 million, and the second one adding 117.88 billion tokens for $1.25 million.
This brought the total amount of SHIB scooped up by the whale to 311,998,734,794.
The whale purchased these tokens, just as Shiba Inu dipped about 30% from its 2023 high, and his unexpected increase follows a drop in the value of the Shiba Inu token. At the time of writing, Shiba Inu is now trading at $0.00001060 after hitting a high of about $0.00001180 sometime in the last seven days.
In recent news, holders of SHIB are also expected to benefit from a newly announced partnership between Binance and CoinGate, which enables users of Binance Pay to make purchases at businesses affiliated with CoinGate using Shiba Inu and other digital assets supported by Binance Pay.
After the Shiba Inu community burned approximately 9 million $SHIB tokens from circulation to help reduce the circulating supply of the memecoin, Shiba Inu's burn rate has also been on a steady rise over the last week, jumping 3,500% on Wednesday alone.
One of the key factors in Shiba Inu's success and competitiveness with Dogecoin is its Layer-2 blockchain protocol, Shibarium.
With Shibarium, Shiba Inu is now regarded as one of the leading protocols in the field that is advancing the Web 3.0 infrastructure.
Shibarium will introduce more DApps, and the utility it provides will aid in revaluing SHIB as a virtual asset that will be burned off according to the transactions made using the Shibarium protocol.
Shibarium beta, also known as Puppynet, has shown a noticeably higher number of linked wallets over the past 24 hours, according to statistics released by Puppyscan.
The number of wallets has reached 14 million and is currently at 14,061,562. Puppynet has gained about 100,000 wallets since Thursday, whereas earlier surges increased the number of new addresses by up to three times.
One month after the Shibarium beta launch, on April 11, the daily average of transactions reached a record high of 891,165.
Shiba Inu prices have dropped significantly over the last several days, falling by around 9% over the previous week.
An increase in trade volume suggests persistent selling pressure. However, the massive buy trades opened by the whale wallets show the increasing interest that crypto whales have in SHIB following the release of the Shibarium Beta Testnest.
As illustrated above, the price of SHIB exhibits range-bound behaviour, as well as the now-broken ascending trendline.
After being rejected at the resistance at $0.00001163, the price fell massively, broke through the ascending trendline, and is now targetting the $0.00000971 zone
The price has fallen by roughly 9% in the last 7 days according to CoinMarketCap as it continues to approach $0.00000971.
The current Shiba Inu decline might further validate its bearishness, leading to lower lows. However, the whales' heavy buying may translate into bullishness for the cryptocurrency very soon.
However, the RSI is firmly in the bearish zone, confirming the strength of the bears and indicating the possibility of further bearishness.
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