Unprecedented Acquisition by Dormant Shiba Inu Whale
A dormant Shiba Inu whale recently made headlines in the cryptocurrency community by re-emerging after a long period of inactivity. This whale shocked the market by purchasing a massive 323 billion SHIB tokens, valued at $8 million. This move signifies a significant resurgence of investor interest and confidence in the meme coin, reflecting favorable market conditions. The purchase also marked the first activity from this whale wallet since 2021, when SHIB was trading at $0.000025.
Remarkable Stack Up of Holdings
The unveiling of this extraordinary purchase was reported by Spot On Chain, a popular on-chain tracker, on the X platform. According to data from Etherscan, the acquisition was executed through 156 distinct large transactions. The initial report revealed that the buyer exchanged approximately 1,000 Wrapped Ethereum (WETH) for 149.3 billion SHIB within an hour. Subsequently, the whale address continued to amass an additional 173 billion SHIB, bringing the total holdings to 323 billion SHIB. This whirlwind buying spree resulted in the exchange of 2,188 WETH for 323 billion SHiba Inu tokens, amounting to $8.29 million, all within three hours.
- The whale’s previous transaction from 3 years ago involved selling over 167 billion SHIB tokens
- These coins were acquired from an early purchaser who bought 5.16 trillion SHIB for just 45 Ethereum (ETH)
- Following the purchase, the whale staked every token and later unstacked them, earning an additional 12.9 million SHIB
Speculation on Future Moves
Despite the lack of further activity from the whale after acquiring the SHIB tokens, Spot On Chain has hinted that more purchases may be on the horizon. This possibility stems from the fact that the whale’s wallet still holds a substantial amount of 1,169 WETH, equivalent to around $4.45 million. The buyer’s return to the market to secure such a massive amount of SHIB amidst renewed optimism in the meme coin sector indicates positive sentiment towards the coin’s potential.
SHIB Whales Engage in Buying Frenzy
Noteworthy is the ongoing buying spree by SHIB whales in recent times. Reports from crypto analytics platform IntoTheBlock revealed that Shiba Inu whales have been consistently accumulating SHIB, demonstrating a strong belief in the coin’s long-term prospects. This trend has made SHIB one of the most traded coins by whales, with large whale transactions contributing to the accumulation of approximately 30 trillion SHIB.
Rising Interest in Meme Coin Sector
The surge in SHIB whale activities aligns with the growing optimism surrounding meme coins in the cryptocurrency space. In recent weeks, meme coins have gained significant traction among crypto investors and notable personalities in the music and entertainment industry. This heightened interest indicates a shift towards alternative digital assets and a more diversified investment portfolio.
Hot Take: Dormant Shiba Inu Whale Resurfaces to Make Record-Breaking Purchase
In a surprising move that has caught the attention of the cryptocurrency community, a dormant Shiba Inu whale has awakened after several years of inactivity to purchase a staggering 323 billion SHIB tokens, valued at $8 million.
This acquisition highlights the renewed investor interest and confidence in the memecoin amid favorable market conditions. Also, it represents the first activity from the whale wallet since 2021, which happened when SHIB was trading at $0.000025.
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