Shiba Inu Price Drops 5% as Whales Acquire Large Amounts of SHIB

Shiba Inu faces a major sell wall at the $0.000026 level, with 64,320 addresses holding 69.74 trillion SHIB typically selling at this price. The SHIB price has broken through its key support.

During the broader cryptocurrency market correction, meme coins like Shiba Inu and other altcoins have experienced significant selling pressure. Over the past 24 hours, the Shiba Inu (SHIB) price has fallen by 5.4% to $0.00002404, bringing its market cap to $14.17 billion. Additionally, daily trading volumes have surged by an impressive 100%, exceeding $840 million.

Shiba Inu Whale Buying Spree
Despite the broader market correction exerting selling pressure on Shiba Inu, whale accumulation has remained robust.A recent update by Lookonchain reveals that nine wallets, including two belonging to whales, collectively pooled $35.2 million to acquire an impressive 1.35 trillion Shiba Inu tokens.

The update also highlighted that four of the investors utilized portions of their Ethereum portfolios to buy Shiba Inu tokens. Their entry points ranged, with some purchasing SHIB at a low of $0.00002557 and others at a peak of $0.00002620. Nonetheless, the average purchase price settled at $0.00002596.

In a previous update, Lookonchain detailed the activity of a prominent Shiba Inu whale who invested $18.44 million in SHIB. On June 5, this whale exchanged 4,849 ETH tokens to acquire 715.9 billion Shiba Inu tokens.

Key SHIB Price Movements to Monitor
Based on IntoTheBlock data, the $0.000026 threshold poses a notable obstacle to Shiba Inu’s upward movement.

At this level, 64,320 addresses have accumulated a total of 69.74 trillion SHIB tokens at an average price of $0.000026. Whenever Shiba Inu nears this price point, these addresses tend to sell off their holdings, amplifying selling pressure.

The heightened selling pressure frequently leads to a price correction, as evidenced by the recent market activity. As a result, SHIB has retraced most of the gains from its recent rally, dipping below the $0.000026 level.

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