Ethereum-Based Meme Coin Shiba Inu Witnessing Whale Accumulation
Shiba Inu (SHIB), an Ethereum-based memecoin, has caught the attention of the crypto community once again due to a significant whale accumulation. This has left many wondering about the reasons behind this accumulation.
New Buyers Stacking Shiba Inu on Binance and Gate.io
Recent data from crypto analytics firm Lookonchain reveals that new buyers are accumulating Shiba Inu on Binance and Gate.io. Over 1.44 trillion SHIB, worth around $13.36 million, has been withdrawn from exchanges in less than 48 hours.
Whale Accumulation on Binance and Gate.io
The unknown whale address 0xF633Cd….3493Bbac began accumulating SHIB on Binance by moving 400 billion tokens to a wallet address. The whale also received another 146,342,102,182.77 SHIB from Binance, bringing the total to 546,342,102,182.77 SHIB. Additionally, a massive withdrawal was made from Gate.io.
Significant Drop in Shibarium Transaction Counts
The Shiba Inu layer 2 blockchain platform Shibarium has experienced a notable decrease in transaction counts. This suggests a decline in user confidence and engagement with the network.
Shibarium’s Declining Network Utilization
Data from Shibariumscan shows that the network’s daily transactions have dropped to 2.73 million, the lowest it has been in months. The network’s utilization has decreased by 11% compared to its peak of 30% on January 8.
Price and Trading Volume Update for SHIB
As of now, SHIB is trading at $0.000009522 with a 1.20% increase in the past 24 hours. Its 24-hour trading volume has also seen a 64% uptick, according to CoinMarketCap.
Hot Take: Implications of Whale Accumulation and Declining Transaction Counts
The recent whale accumulation of Shiba Inu and the declining transaction counts on Shibarium raise questions about the future trajectory of the meme coin. It remains to be seen how these developments will impact SHIB’s price and overall market sentiment.
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