Whales started buying massive amounts of SHIB tokens, is now the right time to buy Shiba Inu?
Whales are moving massive amounts of SHIB tokens.
The fourth-biggest whale of Ethereum, known as "Tsunade," bought 51 billion SHIB tokens.
This transaction is valued at $1.18 million and is tracked by WhaleStats.
Shiba Inu (SHIB) is an Ethereum-based altcoin known as a meme coin that features the Shiba Inu hunting dog.
It is considered by many to be an alternative to the highly popular Dogecoin (DOGE) cryptocurrency token and has a vast number of supporters, which is a community that goes by the name of the SHIBArmy.
Whales are scooping up SHIB tokens on a massive scale
According to a Twitter post by WhaleStats on March 21, which is a blockchain tracker website, the fourth largest well-known whale of Ethereum, known as "Tsunade," has purchased 1,440,208,121 SHIB tokens which at the time of the purchase were worth $1,185,696 USD. This was made through a single transaction.
However, he isn’t the only whale to do this. In fact, according to a Twitter post by WhaleStats posted on March 19, a mysterious ETH whale which was ranked 216 on WhaleStats, purchased 3,713,675,424,944 SHIB tokens which at the time of the purchase were worth $89,128,210 USD.
Prior to this, on March 16, another mysterious whale bought 271,370,420,624 SHIB tokens which at the time of the purchase were worth $271,370,420,624 USD.
While there were numerous other purchases, we can clearly see a pattern where whales are scooping up SHIB tokens on a massive scale.
This has led to a question in the minds of many investors, and this question is how will this massive purchasing trend impact the value of the SHIB token.
Let's go over the token to see how its value has been shaped thus far.
Should you buy Shiba Inu (SHIB)?
On March 22, 2022, Shiba Inu (SHIB) had a value of $0.00002358.
To get an indication in regards to what this value point means for the Shiba Inu (SHIB) token, we will be going over the token’s all-time high point of value, as well as the performance it showcased throughout the previous month.
When we go over the all-time high point of value of the Shiba Inu (SHIB) token, we can see that it was on October 28, 2021, when it reached a value of $0.00008616.
This gives us the perspective that at its ATH, the token was $0.00006258 higher in value or by 265%.
When we look at the performance of the token throughout the previous month, Shiba Inu (SHIB) had its highest point of value on February 7, when it reached $0.00003477.
Its lowest point of value, however, was on February 24, when the token decreased to a value of $0.00002166. This marked a decrease in the value of the token of $0.00001311 or by 37%.
However, from February 24 to March 22, SHIB increased in value by $0.00000192 or by 9%.
With all of this in mind, we can expect SHIB to reach $0.00003 by the end of March 2022.