Violet Vallaya
A large cryptocurrency investor, often referred to as a “whale,” has accumulated a significant amount of Shiba Inu (SHIB) tokens, according to on-chain data analysis by The DATA NERD.
The entity created seven new wallets and transferred exactly 71.55 billion SHIB (approximately $2.05 million) from each wallet to Coinbase this Monday. This translates to a total accumulation of 500.85 billion SHIB, valued at roughly $14.35 million.
This move coincides with a recent surge in SHIB ‘s price. Over the past 24 hours, the native token of the Shiba ecosystem has experienced double-digit growth, reaching a peak of 26% at one point. This price action suggests strong buying pressure, which The DATA NERD’s findings further substantiate.
The use of multiple wallets is a common practice among cryptocurrency investors, employed to mitigate security risks by dispersing holdings.
Related: Bitget Doesn’t Sleep: The New $500M Shift to On-Chain Stocks
If the whale maintains their holdings until the token reaches its previous all-time high, their investment’s value could significantly increase. At that point, the 500.85 billion SHIB would be worth around $44.3 billion, representing a more than threefold gain.
The latest development highlights the continued interest in Shiba Inu among large investors, potentially signaling confidence in the token’s long-term prospects.
What Is Whale Accumulation?
Whale accumulation refers to the process where large investors—often called whales—accumulate more of a particular asset. These investors hold a significant enough quantity to potentially influence its market price. In SHIB’s case, they’re stacking tokens like never before.
Related: $50M Lost in USDt Address Poisoning Scam Exposes Crypto Copy-Paste Risk
Major stakeholders, including both seasoned and new players, are demonstrating a vote of confidence by accumulating SHIB. As the SHIB community continues its commitment to token burns and developmental strides, this influx of whale activity injects a renewed sense of vigor into SHIB’s journey.
Read More
- SHIB Investment Masterclass: Nearly $4K Shiba Inu Investment Yields Around $127M Profit
- Defying Odds: SHIB Surpasses Bitcoin And Ethereum With Stellar Year-On-Year Growth; Surges Double-Digit Overnight
- Anticipation Builds: Shiba Inu’s Kusama Sneaks In a Book Update Amid Hectic Schedule
VIOLET
Violet is a cryptocurrency journalist covering blockchain technology and digital assets.
