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.
SHIB trader transaction data. Source: Lookonchain
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.
SHIB trader’s buying and selling history. Source: Lookonchain
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.
SHIB price 30-day chart. Source: Finbold
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.
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