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Shiba Inu Coin has attracted the attention of investors, as evidenced by the SHIB price's roughly 10% increase today, which occurred amid substantial whale buildup.
Furthermore, a recent revelation revealed that an early customer who had previously made $145 million from SHIB is again acquiring the meme coin. This is an important development. The price of the SHIB appears to have increased due to this fresh interest, which indicates that investors are becoming more confident in the meme coin, as per Coingape.
Optimism is sparked by the massive accumulation of whales
Spot On Chain has reported that an early investment in SHIB, which had made profits totaling $145 million, has returned to the market after a period of two years. This entity has exchanged 4,849 WETH, equivalent to $18.5 million, for 715.8 billion SHIB during the past five hours. The price of Shiba Inu has been greatly inflated due to this big acquisition, which is noteworthy.
In the meantime, the research also says that the recent accumulation has caused the price of SHIB to increase by almost ten percent. Particularly noteworthy is that the most recent Spot On Chain transaction details indicate the entity's current holdings of 9,207 ETH and WETH, valued at $34.9 million. This data suggests that additional SHIB purchases may be possible.
Previous to this, this investor made huge profits by purchasing SHIB at the beginning of March 2021 and selling during the major price spike that occurred in October and November 2021. The total amount of SHIB traded between February 2021 and June 2022 was 8.29 trillion. An astounding 5,201% increase in profit was achieved due to this method, which resulted in an estimated profit of $145 million.
Prices of SHIB Continue to Rise Amid Increasing Confidence Among Investors
Recent actions taken by the whale have not only contributed to an increase in the price of SHIB but also demonstrated an increase in investor confidence in the meme coin. In addition, the big investment made by an experienced trader indicates an optimistic sentiment, which may encourage additional investors to participate in the market.
While this is happening, this significant whale activity aligns with broader tendencies in the bitcoin market. These trends include that major players frequently make strategic investments, which can result in significant price fluctuations. The fact that the early investor has returned to SHIB after a period of successful trading lends confidence to the meme coin's potential for future gains.
Furthermore, it is highly probable that the SHIB group will consider this whale collection a source of optimism. Purchases of a significant magnitude might be interpreted as a sign of trust in the asset's long-term value, which can encourage further investors to follow suit. Additionally, the latest buildup of whales comes after a significant increase in the SHIB burn that occurred not so long ago, further boosting investors' confidence.
At the time of this writing, the price of Shiba Inu had increased by 9.70% and was trading at $0.00002612. Additionally, the volume of its one-day trade had increased by 27%, reaching $822.54 million. The price of the meme currency has reached a high of 0.00002617 over the past twenty-four hours, and according to statistics provided by CoinGlass, its Open Interest has increased by 13.25% to reach $102.49 million.
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