Massive Hoarding: Newly-Born Shiba Inu Whales Buy The Dip, Move Nearly $5M Worth Of SHIB

April 4, 2024

A new cohort of Shiba Inu whales has decisively capitalized on recent price dips, collectively securing holdings worth an estimated $5 million in SHIB, in a bold move that underscores major investors’ confidence in the world’s second-largest dog-themed altcoin by market capitalization.

Binance and Coinbase, the global titans of centralized crypto exchanges, have experienced a notable exodus of Shiba Inu (SHIB) tokens. This departure, involving billions of tokens amounting to nearly $5 million in value, was orchestrated by a newly emerged group of investors, colloquially termed ‘newly born whales.’

These significant withdrawals were meticulously tracked and highlighted by the on-chain data analytics assistant, TheDataNerd. Through shared screenshots, it revealed an intriguing detail: the wallets executing these hefty transactions were previously inactive, with no prior transaction history. 

Recent data from Arkham Intelligence, a leading crypto intelligence platform, shed light on the movements of these whales who collectively withdrew a staggering total of 183,989,266,898 SHIB tokens from exchanges. This considerable volume of tokens has been transferred away from the centralized platforms, indicating a strategic shift toward storing their assets in more secure, private wallets.

Interestingly, the strategic withdrawals occurred during a period when Shiba Inu was navigating through turbulent waters, specifically trading in the red zone with a 9% decrease in value on that day. This timing is particularly intriguing, as it underscores the whales’ market acumen and their apparent confidence in the long-term potential of Shiba Inu, despite the immediate price dip. 

The decision by these whales to transfer substantial assets from centralized exchanges amid a market downturn vividly illustrates their bullish stance on the Shiba Inu token, suggesting an underlying optimism about its future trajectory. This move is emblematic of a strategic approach to asset management and highlights a prioritization of security by shifting holdings to environments perceived as safer than centralized platforms. 

These actions could be interpreted as a strategy aimed at capitalizing on the market’s lower prices — a classic execution of the “buy-the-dip” approach. It signifies not only a bid to stabilize their holdings during volatile periods but also an intention to potentially increase their investment in SHIB at more favorable prices, betting on the market’s recovery and future gains.

The recent maneuvers by these cryptocurrency whales found resonance with additional data provided by the crypto analytics platform IntoTheBlock. This data reveals a staggering volume of 6.11 trillion SHIB tokens being transferred within a mere 24-hour timeframe. 

Such an immense level of activity not only underscored the significant liquidity and dynamism within the Shiba Inu market but also highlighted the scale at which investors are willing to reposition their assets in response to market conditions.

As of early Thursday morning, Shiba Inu (SHIB) found itself navigating through volatile market waters, trading at $0.00002684, according to the latest data from CoinMarketCap. This reflected a modest 1.98% decline within the last 24 hours and a more pronounced 14.08% drop over the past week, despite a slight 0.11% uptick over the last month. 

With a trading volume reaching $632,223,038 in the same 24-hour period, SHIB’s market activity remained vigorous, underscoring the cryptocurrency’s significant liquidity and investor interest. Shiba Inu boasted a market capitalization of $15,810,068,801, supported by a vast circulating supply of 589,289,410,812,691 SHIB tokens.

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