Mysterious Whale Accumulates 500.85 Billion SHIB From Coinbase

March 18, 2024
Ai Image/LeonardoAI

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.

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.

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.

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