As a seasoned crypto investor with a knack for spotting trends and patterns, I find the recent surge in Shiba Inu (SHIB) whale activity incredibly intriguing. Having weathered several market cycles since my early days of investing in Bitcoin, I’ve learned to read between the lines and decipher the subtle signals that often precede significant price movements.
It’s been found that the ownership of Shiba Inu (SHIB) has significantly grown by an impressive 600% among large investors, often referred to as “whales.” This substantial increase in holdings suggests that investors are becoming increasingly confident in the well-known meme-based cryptocurrency.
SHIB Whales Increase Holdings By Almost 600%
On a single day, the significant Shiba Inu investors significantly boosted their holdings by an impressive 596%. According to IntoTheBlock’s data, the massive inflow of large-scale Shiba Inu token holders skyrocketed from 27.06 billion SHIB to 161.15 billion SHIB on August 12th.
Despite the unclear motive behind the hoarding of these aggressive tokens, a slight improvement in the underlying factors of Shiba Inu’s pricing could potentially be responsible for the change in investor optimism.
In early January 2024, there was a considerable increase in large-scale Shiba Inu token transfers, peaking at 4.51 trillion. However, as time passed, whales have been gradually selling off substantial amounts of SHIB tokens due to the market exhibiting bearish tendencies.
The surge in whale involvement is significant due to Shiba Inu’s efforts to bounce back from past price drops. Moreover, this rise in whale ownership follows recent news by Shiba Inu’s lead developer, Shytoshi Kusama, about an upcoming project within the Shiba Inu network that could be bullish for the crypto.
Speaking about Kusama’s recent announcement, crypto analyst Oscar Ramos has shown positive expectations for Shiba Inu’s future price trend. On a former platform like Twitter, Ramos shared his belief that Shiba Inu is on its way to experiencing the largest coin surge it has ever known.
He highlights the ongoing developments and upcoming projects set to launch within the ecosystem as bullish catalysts for Shiba Inu’s price increase. Additionally, Ramos described Shiba Inu as a blue chip cryptocurrency which has been showing immense productivity and growth recently.
As I pen this down, the value of Shiba Inu stands at $0.0000136, representing a 1.47% dip in the last day following a 2.20% rise over the previous seven days, as per CoinMarketCap data.
Shiba Inu Whale Drains $2.2 Million Worth Of SHIB
As a researcher, I recently stumbled upon a significant discovery while examining transaction data on the blockchain through Arkham Intelligence’s analytics platform. An unidentified Shiba Inu whale, operating anonymously, executed a massive transaction involving 165.37 billion SHIB tokens. This whale withdrew these tokens from Coinbase, the leading crypto exchange in the United States.
According to Arkham Intelligence’s latest report, an unidentified ‘whale’ has carried out three significant Shiba Inu (SHIB) transactions over the past six days, totalling approximately 165.37 billion SHIB. This transfer of SHIB is valued at roughly $2.25 million.
In the initial transaction, approximately 32.5 billion Shiba Inu coins (SHIB) worth around $466,250 were taken out from Coinbase. The second transaction also included a withdrawal of roughly 35.8 billion SHIB, valued at over $480,530. Lastly, the most significant and largest transaction consisted of withdrawing approximately 97 billion SHIB, which was valued at more than $1.33 million.
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2024-08-16 00:08