The fourth-largest Whale on the Ether blockchain purchased 5.14 billion Shiba Inu coins in recent days, according to statistics from the WhaleStats website. Such investment purchases bring the total value of MEME tokens held to $119 million. The Ether Whale, anonymously known as “Tsunade”, recently spent a to buy colossal sum on large amounts of Shiba Inu coins while his/her asset wallet also includes $290 million worth of various cryptocurrencies. Despite this, the Shiba Inu coin remains Whale’s most active investment.
Not only that, but other whales are also investing like crazy to buy MEME tokens like the Shiba Inu coin. One whale invested to buy 3.7 trillion Shiba Inu coins worth $890,000 on March 20th. This is one of the largest single transactions in MEME token records.
What Is The Price of Shiba Inu Coins Now after The Whales Have Purchased?
However, despite the large number of Whales purchasing Shiba Inu coins, the price movement in the market still hasn’t changed much, and there is even some decline in the overall trend.
The price of the Shiba Inu coin has increased by 6.70% in the last seven days. It has been trending upwards over the last 24 hours, gaining 1.65%. The current price is $0.00002347 and its total market cap is $15.89 billion. The total amount of liquidity is 549.06 trillion. 24 hours of trading totaled $806.84 million. (Source: Gate.io March 24).
Such a price trend has formed a symmetrical triangle pattern for the entire Shiba Inu coin’s disk. Once the Shiba Inu coin breaks out of the currently formed price pattern, this will see a volatile spike.
Will The Price of Shiba Inu Rise?
The pattern of a symmetrical triangle means that a period of decline is accompanied by a period of spike. Many investors are bullish in the face of the current decline of the Shiba Inu coin, as they expect it to rise. However, is this going to happen? What other things are influencing the price fluctuation of the Shiba Inu coin?
1. NOWPayments Launches Token Burn/Destruction for the Shiba Inu Coin
NOWPayments is a noncustodial crypto payment processor. It has introduced a new feature for Shiba Inu coin users – the Destroy feature, which allows users to burn some of the Shiba Inu coins they have on hand themselves. Users just need to select the token to burn and NOWPayments will automatically calculate the number of Shiba Inu coins to be sent to the dead wallet.
The introduction of this new feature has made Shiba Inu coins even more scarce. This affects the price of Shiba Inu coins to some extent and attracts more investors who want to buy Shiba Inu coin.
2. Official Mass Burning of Shiba Inu Coins
On March 22, the Shiba Inu Coin community posted on Twitter that a total of 1,021,292,580 Shiba Inu coins had been burned in the past 24 hours through 41 removals. Not only that, but the Shiba Inu Coin also regularly burns tokens every month in smartphones and games sold in the app store. To date, 24.45 billion Shiba Inu coins have been burned.
Bigger Entertainment is also regularly burning large amounts of Shiba Inu coins. The company says that part of the proceeds from the sale of Shiba Inu coin merchandise, NFT products, event tickets, and games are used to purchase Shiba Inu coins, which are then burned.
The purpose of both the big Whale’s purchase investment and the Shiba Inu coin company’s periodic burn is to make Shiba Inu coins rarer, which in turn affects the price fluctuations of Shiba Inu coins and makes them rise. The symmetrical triangle phase is approaching, so please think about the riskiness of the Shiba Inu coin before you are ready to invest in it.
Source: ZyCrypto
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