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Shiba Inu Price Set for Potential Rally: Why Buying SHIB Now Makes Sense
Recent market volatility has led to a significant sell-off in the cryptocurrency market, causing many investors to liquidate their positions and raise concerns about the future of the market. However, some experts believe that this could be an opportunity to buy into a potential rally.
A major whale, identified as ‘0xd6b’, has been quietly accumulating Shiba Inu (SHIB) tokens, selling a portion of its holdings to Gemini’s cryptocurrency exchange for 150 million SHIB-tokens. This recent sale comes after the same wallet sold 100 billion SHIB-tokens in November.
The whale still holds 2 billion SHIB-tokens worth approximately $48.38 million, generating a total profit of almost $108 million, according to Etherscan data. Despite this significant gain, ‘0xd6b’ has continued to buy and sell SHIB-tokens, suggesting that the market may be due for an upswing.
The sudden liquidity event has led many investors and traders to liquidate their positions, resulting in a rapid decline of the SHIB price. However, data from Coinglass shows that nearly $5 million worth of SHIB, 1000SHIB, and SHIB1000 long positions have been closed over the past 24 hours.
The Shiba Inu community has expressed concern about this sudden drop in the token’s value, citing a significant decline in the weekly burn rate. Shibburn portal reports that there has been a staggering 70% decrease in SHIB burn activity over the past week.
Despite this potential negativity, some analysts believe that this could be an opportunity for new investors to get into the market at a discounted price. As the market remains highly unpredictable and volatile, it is essential for traders to be aware of the current situation and make informed decisions.
Sources:
* Etherscan
* Coinglass
Source: www.crypto-news-flash.com
