Reports have revealed that Shiba Inu (SHIB) whales have dramatically increased their holdings by a whopping 600%. This massive SHIB accumulation signals investors growing confidence in the popular meme-based cryptocurrency.
SHIB Whales Increase Holdings By Almost 600%
In just a single day, Shiba Inu whales increased their holdings by approximately 596%. According to IntoTheBlock’s data, on August 12, the total net flow of large scale SHIB holders had surged from 27.06 billion SHIB to 161.15 billion SHIB.
While the reason for this aggressive token accumulation remains uncertain, the slight stabilization of Shiba Inu’s price fundamentalsmay have contributed to the positive shift in investors’ sentiment.
Earlier in January 2024, large scale holder net flow had surged as high as 4.51 trillion. However as the months went by, whales have been offloading significant amounts of SHIB tokens as the market showed signs of bearishness.
This renewed influx of whale activity is particularly noteworthy as Shiba Inu aims to recover from previous price declines. Additionally, the increase in whale holdings comes after Shiba Inu lead developer, Shytoshi Kusama announced the imminent release of a potentially bullish project in the Shiba Inu ecosystem.
Highlighting Kusama’s announcement, crypto analyst, Oscar Ramos has expressed optimism about Shiba Inu’s future price outlook. In an X (formerly Twitter) post Ramos revealed that he believes that Shiba Inu is heading towards the biggest coin breakout it has ever seen.
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.
At the time of writing, the price of Shiba Inu is trading at $0.0000136, marking a 1.47% decrease in the last 24 hours after gaining 2.20% over the past week, according to CoinMarketCap.
Shiba Inu Whale Drains $2.2 Million Worth Of SHIB
On-chain analytics platform, Arkham Intelligence has uncovered a massive SHIB transaction executed by an anonymous whale. According to Arkham’s reports, an unknown Shiba Inu whale withdrew a whopping 165.37 billion SHIB tokens from Coinbase, the largest crypto exchange in the United States (US).
Arkham Intelligence has disclosed that in the last six days, the anonymous whale executed three large scale transactions which amounted to the 165.37 billion SHIB. The total value of the SHIB withdrawal was estimated at around $2.25 million.
In the first transaction, 32.537 billion SHIB, valued at $466,250 was withdrawn from Coinbase. The second transaction saw a withdrawal of 35.80 billion SHIB, worth over $480,530. The final and largest transaction involved the withdrawal of 97.027 billion SHIB, valued at over $1.33 million withdrawn.
Featured image created with Dall.E, chart from Tradingview.com