Whale Buys Shiba Inu (SHIB)

Bittime - Large purchases by whales often make headlines in the crypto world. Shiba Inu (SHIB), one of the most popular meme tokens, recently saw a huge surge after a whale bought 2.7 trillion SHIB coins worth $48.34 million from crypto exchange Robinhood. 

This is a huge signal of confidence in the future of the token. Below is a more in-depth analysis of the impact and potential of this purchase.

The Influence of Whale Buying on the SHIB Market

Large purchases by whales tend to trigger significant market reactions. In this case, wallet address 0x40b38765 now holds $653.52 million worth of SHIB, indicating strong confidence in this token. These purchases can increase the confidence of other investors, which can ultimately push prices higher.

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Market Reaction and Price Prediction

After news of this purchase spread, the price of SHIB rose 1.87% to $0.00001789. A bullish pattern is visible on the weekly chart, indicating potential for further upside. Some analysts predict that SHIB price may reach higher price in the near future, depending on market conditions and investor sentiment.

Support from Developer

Shytoshi Kusama, lead developer of Shiba Inu, highlighted the importance of SHIB's decentralization features. In his view, decentralization can be a solution to the risks associated with centralized systems. This support from key developers provides investors with additional confidence that SHIB has strong long-term potential.

Technical Analysis

Technical indicators such as the Relative Strength Index (RSI) support this positive view. The RSI indicates more buying pressure, which could help push the SHIB price to higher levels. If buying pressure continues to increase, the SHIB price could experience a significant spike.

Risks and Considerations

Even though this whale purchase provides a positive signal, it is important for investors to remain careful. The crypto market is notorious for its volatility, and changes in sentiment can occur quickly. Investors are advised to conduct independent research and consider the risks before making an investment decision.

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Conclusion

Large purchases by whales indicate strong confidence in Shiba Inu and may push the price of this token higher. With technical support and confidence from key developers, SHIB has the potential to experience a significant price surge in the near future. However, investors must remain aware of the risks involved and carry out a thorough analysis before investing.

How to Buy Crypto on Bittime

You can buy and sell crypto assets easily and safely via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.