Shiba Inu Whales Accumulate 2.39 Trillion SHIB Tokens
Recent on-chain data reveals that Shiba Inu whales have been taking advantage of the dip in SHIB prices by accumulating a massive 2.39 trillion tokens. Despite a 20% drop since the beginning of the month, SHIB has recovered slightly but is still down by 3.3% in the past 24 hours. Meanwhile, these whales have been sending their tokens to cold storage, indicating their intention to hold onto them for the long term.
Whale Transactions in Shiba Inu Ecosystem
The Shiba Inu ecosystem is home to many whale investors, and large transactions among them are not uncommon. According to on-chain transaction tracker Lookonchain, there have been significant transfers of SHIB tokens from Binance into four whale addresses over the past month. One recent transaction involved 136.86 billion SHIB tokens worth $1.38 million, which was the smallest accumulation among the four whales. The largest accumulation came from an address that accumulated 1.44 trillion SHIB worth $14.54 million.
Current State of Shiba Inu
Data from IntoTheBlock shows that large SHIB holders now hold 78% of the total circulating supply, giving them the ability to manipulate the price. However, the recent large buys suggest that some whale investors remain confident in the token’s long-term prospects despite market volatility. Lead developer Shytoshi Kusama has encouraged the growing SHIB community to stay steadfast, while efforts to push up the price include an increase in burn rate.
Hot Take: Shiba Inu Whales Continue to Accumulate Tokens Despite Price Decline
Despite a decline in price, Shiba Inu whales have been actively accumulating SHIB tokens, with recent data showing a staggering 2.39 trillion tokens being sent to cold storage. This indicates their long-term commitment to the cryptocurrency. The Shiba Inu ecosystem has witnessed significant whale transactions, with large amounts of SHIB tokens being transferred from Binance to multiple addresses. While the current state of Shiba Inu shows that large holders have significant control over the price, the confidence displayed by these whales suggests optimism for the token’s future. As the burn rate increases and efforts are made to push up the price, it remains to be seen how this will impact the overall market for Shiba Inu.
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