TL;DR

• Despite SHIB’s market drop, whales bought billions of tokens, with one transaction totaling $31 million.
• Predictions hint at SHIB nearing its price bottom, with the potential to reach an 8-month high soon.
• Recent Shibarium advancements and Shiba Inu’s token burn are highlighted as positive indicators for the coin’s future.

Whales Seem Undeterred Despite SHIB’s Plunge

The valuation of the popular memecoin – Shiba Inu (SHIB) – has recently dropped significantly in resonance with the entire cryptocurrency market. However, some whales took advantage of the relatively low price and stacked up more than 4.6 trillion tokens (equaling over $31 million).

Whale Alert informed that one such investor transferred the aforementioned amount to an unknown address on October 11. In addition, Etherscan indicated another whale who accumulated 2.5 billion SHIB on the same day.

Such moves are not uncommon during bear markets since they give investors a chance to gain substantial profits in case of a future bull run. Some renowned investors, including Warren Buffett, have advised individuals to be greedy when others are fearful and vice versa. 

Could SHIB Head North?

While the ongoing market correction keeps affecting SHIB bulls, certain an