finbold.com
After making over $120 million trading Shiba Inu ($SHIB), one cryptocurrency trader has made another strong bet – this time spending more than $18 million to buy over 700 Shiba Inu in a matter of hours, reflecting increased confidence of $SHIB whales in the meme crypto asset’s future.
Specifically, the investor had bought 5.5 trillion $SHIB early on for $400,000 and then sold them at two price peaks, profiting $121 million, and now they used 4,849 Ethereum (ETH), worth about $18.44 million, to buy 715.9 billion $SHIB, according to the data shared by Lookonchain in an X post on June 5.
Indeed, the crypto trader’s smartly placed purchases and sales, which involved buying $SHIB at an average price of roughly $0.0000000727 back in 2021 and then selling at the right moment, amid two significant price peaks, suggest that this investor, in particular, is confident that a price peak will happen again.
It is also worth noting that early Bitcoin (BTC) adopter and professional crypto trader Davinci Jeremie strongly believes in $SHIB’s bright future as well, recently sharing his prediction of Shiba Inu rallying and hitting $0.00006 soon, as Finbold reported earlier.
Shiba Inu price analysis
Meanwhile, $SHIB was at press time changing hands at the price of $0.00002563, which represents a 7.60% gain in the last 24 hours, as it moves to reverse the 5.13% drop from across the previous seven days and adding up to the 6.26% advance over the past month, as per data on June 5.
Inevitably, the question arises – why is Shiba Inu going up? Notably, one explanation for $SHIB’s recent price recovery is the fact that it is happening against the backdrop of a significantly higher number of new accounts on Shiba Inu’s blockchain, Shibarium, soaring by over 3,000% in 24 hours.
All things considered, the largest traders in the crypto market seem to be exceptionally bullish on the future of the currently 11th-largest crypto asset by market capitalization. However, doing one’s own research before investing is critical as other people’s confidence might sometimes be misplaced.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.