The Shiba Inu cryptocurrency coin may break out soon because of recent purchases from investors, per FX Street.
An ethereum whale recently spent $1.2 million to buy 49.9 billion Shib coins. The whale purchased the coins after it suffered a major dip in price.
- “Historically, a dip in SHIB price is followed by whale accumulation and a second leg up. Traders are expecting another bullrun in SHIB,” according to FX Street.
- Some of the rise will also come as you can buy it through the Coin Cloud ATMs, which are considered one of the world’s largest digital currency ATM platforms.
Shiba Inu coin’s recent success has led to a success for other meme-based crypto assets, such as Baby Doge coin and dogelon mars coin — both of which are loosely based off of Dogecoin, Shib coin and, well, Elon Musk, according to Bitcoin.com.
- In fact, right now both dogelon mars and baby doge coin are “outshining their predecessors,” per Bitcoin.com. Shib coin has suffered a bit of drop after a “mysterious whale” bought “massive amounts of Shibu Inu,” per Yahoo Finance.
The Financial Conduct Authority, a group that reviews how people use money, warned potential investors that cryptocurrency coins can be risky for investment because of the shifting and volatile market.
- “Investing in cryptoassets, or investments and lending linked to them generally involves taking very high risks with investors’ money,” FCA’s statement said. “If consumers invest in these types of product, they should be prepared to lose all their money.”