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Recently a Shiba Inu whale was reported adding a massive amount of SHIB to his wallet. The whale is said to be one of the largest Shiba Inu whales. Overall, he accumulated SHIB tokens worth 22 million USD within approx 24 hours time. According to the data, the respective wallet is the 6th biggest wallet holding Shiba Inu. Currently, the wallet holds SHIB tokens worth 319 million in total.
In recent times, the famous meme currency received both love and hate from the crypto community. In many instances, this relation impacts the price of Shiba Inu. Moreover, such massive buying of crypto tokens is not new with Shiba Inu. The cycle continues with a whale accumulating a sheer amount of meme currency, which leads to a price hike, and vice versa.
As mentioned earlier, instances of SHIB transfers in large amounts are nothing new. However, the anonymity of whale wallets became the subject of discussion within the community. This leads to various speculations including whether the wallet might be a team wallet or a privately owned one. One thing amidst all could be said about security is that the wallet is an exchange wallet.
Given the significant amount of transactions, the large investors get constantly followed by the community. Ethereum whales hold the majority of the part as the biggest support system for SHIB. For quite some time, however, the accumulation of meme coins has reduced drastically. Some stats show that overall Shiba Inu investments in ETH whales have dropped from 1 billion USD to 152 million.
By and large, the number of these whales who faced losses sold some quantity of their respective tokens. The decline in SHIB tokens accumulations makes sense considering the consistent and huge drop of meme tokens price from its all-time high. Shiba Inu holds the 13th position in terms of market capitalization across the global crypto market.
Currently, it is trading around 0.00001264 USD, which is almost 85% down from its ATH.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
