Whales are increasingly showing an interest in the Shiba Inu cryptocurrency during the ongoing frenzy surrounding meme coins. On Monday, an unidentified Shiba Inu whale purchased over 500 billion SHIB tokens, worth $14.35 million. The whale created seven new wallets and transferred 71.55 billion SHIB ($2.05 million) from Coinbase into each of them.
This accumulation of SHIB by the whale comes at a time when the token is experiencing a downtrend, having lost a crucial support level at $0.000034 last week. In just seven days, the value of Shiba Inu has dropped by more than 18%, reflecting a broader correction in the market.
Whale activity on Shiba Inu has been on the rise recently, with these large investors showing a growing fondness for the dog-themed meme coin. On-chain data from Arkham Intelligence reveals that the accumulation of SHIB by whales has reached its peak. One particular wallet address, 0xd740308e4576986b2d24586b92B0040C976077a6, has accumulated almost 488 billion SHIB in the last three days. The user started with a transaction of 358 billion SHIB ($9.77 million) on March 16 and has since acquired a total of 488 billion SHIB. Currently, this wallet holds an unrealized profit of $1.22 million based on market prices.
The reasons behind the whales’ interest in Shiba Inu are unclear, but it has undoubtedly generated bullish sentiments towards the token. SHIB led the recent wave of meme coins earlier this month, experiencing a month-to-date surge of over 180%. At one point, Shiba Inu came very close to surpassing Dogecoin as the largest meme coin by market capitalization. While Dogecoin’s payment compatibility has contributed to its popularity, SHIB has given the Elon Musk-backed meme coin a run for its money.
If the current rate of SHIB whale accumulation continues, the project could potentially experience a significant upward movement. As of now, SHIB is trading at $0.000028, with a market capitalization of $16.5 billion.
Tags:
– Memecoins
– Shiba Inu (SHIB)
