It seems that a massive Shiba Inu (SHIB) purchase took place in the last 24 hours. As revealed thanks to on-chain data from Arkham Intelligence, an unknown massive investor withdrew 107,071 billion SHIB from one of the largest crypto exchanges, ByBit. Estimated at $2.16 million per Shiba Inu token at current prices, this colossal amount of meme coins became the first addition to this whale's portfolio in over a year.
As of now, the wallet under the address "0x8c73" holds only SHIB and nothing else, although it previously held about 150 ETH, which would now be worth about $420,000.
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Source: Arkham Intelligence
The timing of the purchase is interesting. In the last few days, the Shiba Inu token experienced a big drop in price, losing as much as 40% in the period from Saturday to Monday, leaving a massive wick on the price chart of the meme coin. In the next two days, the market saw a rebound worth 40% in the quotes of SHIB, but these are another 40% from the falling ones.
Shiba Inu (SHIB) price outlook
At the moment, the price of the meme coin is trading at $0.0000164 per SHIB, just below the important level that serves as strong resistance at the moment.
SHIB Price by CoinMarketCap
However, the new SHIB whale was not in the majority yesterday, as the on-chain data of flows to exchanges by Arkham shows a surplus of 83 billion SHIB for yesterday. The largest flows were seen on ByBit, which is interesting as 1.57 trillion tokens worth $24.95 million hit the exchange's hot wallet "0xf89."
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Thus, the actions of the unknown buyer were rather against the trend, and it will be interesting to see if they will maintain their stance toward SHIB or fall into the majority actions.
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