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Another whale purchase SHIB tokens worth 1.13 billion – are we waiting for a bullrun?

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The Shiba Inu project
Source: Shutterstock, salarko
Another whale purchase SHIB tokens worth 1.13 billion - are we waiting for a bullrun?

The Shiba Inu project still seems to arouse the interest of big players. The whale purchased SHIB tokens worth $ 1.13 billion. Meanwhile, a petition asking for a dog cryptocurrency on RobinHood has climbed above the border 518,000 signatures.

Whale purchase SHIB again

According to the portal Etherscan Another interesting transaction, the Shiba Inu token, was intercepted on November 7. The whale bought this time 20 trillion tokens worth more than 1.13 billion US dollars. The purchase was made on the increasingly popular  exchange.

Whale buying SHIB tokens

Whale buying SHIB tokens. Source: Etherscan

However, the question remains whether such a purchase can affect the market price. At the time of writing, the SHIB token was trading for 0.00005660 USD. The CoinMarketCap portal currently features 24 hour decrease by 3.09%.

In any case, the SHIB token can currently only rely on community action. The laws of no fundamentals or technical analysis do not apply here. Therefore, we can consider this billion-dollar purchase as a very positive factor in the long-term development of this meme coin. Of course, care must be taken, because such transactions can manipulate the market very significantly.

Huge centralization

As has been mentioned several times, the Shiba Inu token is highly centralized which can be a big problem. Up to 66% of the total offer is concentrated in 10 whale wallets. So big players can manipulate the price, and so on, without much problems harm retail traders in particular.

Shiba Inu petition

Shiba Inu petition. Source:

Regardless of this negative factor, the community is going its own way. The petition is a huge success and has already reached more than 518,000 signatures. Well company RobinHood still silent.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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