Shiba Inu whales have recently been storing SHIB tokens as Whale buys about 312 billion SHIB worth $3.3 Million.
WhaleStats, a platform for tracking whales, recently revealed on Twitter that “BlueWhale0073,” who was rated 254 on the platform, purchased billions of tokens through a few transactions.
The aforementioned significant player added around 194 billion SHIB tokens worth $2.06 million via the initial transaction.
It recently purchased 117.8 billion SHIB for $1.25 million in another transaction.
This indicates that BlueWhale has acquired around 311.9 billion tokens totaling more than $3.3 million.
Despite the purchases, SHIB’s price chart has not been trending upward. It is currently in decline and, in the absence of positive support, might fall as low as $0.00001
Related Reading: 8M+ SHIB Burned in 24 Hours; Burn Rate Increases
What Does This Mean For Shiba Inu?
According to a subsequent examination, BlueWhale’s wallet only contained 1.415 billion tokens in total.
At the time of publication, they were each worth about $14.9k.
This indicates that in addition to buying, the whale has also been cashing out by selling, putting downward pressure on the price of SHIB.
In addition, it is important to remember that the overall volume of major transactions is still fairly low (3.5 trillion SHIB) compared to the recent peaks (approximately 20-30 trillion SHIB) over the last month.
This suggests that whales are likely acting cautiously at this time by not consuming too much Shiba Inu.
SHIB transaction volume. Source: ITB
The buyer-seller transaction differential at the time of publication actually depicted a bleak image for SHIB.
On every occasion, the number of tokens sold exceeded the number of tokens purchased by billions.
It will therefore be difficult for the price to rise until the sales surpass the buys and the macro-bearish bias is apparent in the SHIB market.
An uptick for Shiba Inu wouldn’t happen unless the Bulls moved the momentum ball in that direction.
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