Shiba Inu Coin: SHIB Price Soars As Whale Bags 715B Coins
Shiba Inu Coin has captured investors’ attention with SHIB price soaring nearly 10% today amid significant whale accumulation. Notably, a recent report showed that an early buyer, who previously made $145 million from SHIB, is once again amassing the meme coin. This renewed interest seems to have pumped the SHIB’s price while indicating growing investor confidence in the meme coin.
Massive Whale Accumulation Sparks Optimism
Spot On Chain reports that an early SHIB investor, who had gained $145 million in profits, has re-entered the market after two years. In the past five hours, this entity swapped 4,849 WETH, worth $18.5 million, for 715.8 billion SHIB. Notably, this massive purchase has significantly pumped the price of Shiba Inu.
Meanwhile, the report also suggests that the recent accumulation has bumped up the SHIB price by around 10%. Notably, the recent Spot On Chain transaction details highlight the entity’s current holdings of 9,207 ETH and WETH, valued at $34.9 million, suggesting the potential for further SHIB purchases.
Previously, this investor traded 8.29 trillion SHIB between February 2021 and June 2022, making substantial profits by buying early in March 2021 and selling during the major price surge in October-November 2021. This strategy resulted in an estimated profit of $145 million, representing a remarkable 5,201% gain.
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SHIB Price Rallies Amid Growing Investors’ Confidence
The whale’s recent activity has not only boosted SHIB’s price but also reflects increasing investor confidence in the meme coin. Besides, the substantial investment from an experienced trader indicates a bullish sentiment, which could attract more investors to the market.
Meanwhile, this significant whale activity aligns with broader trends in the cryptocurrency market, where strategic investments by major players often lead to notable price movements. The early investor’s re-entry into SHIB after a successful trading history adds credibility to the meme coin’s potential for future gains.
In addition, the SHIB community is likely to view this whale accumulation as a positive sign. Large-scale purchases can signal confidence in the asset’s long-term value, encouraging other investors to follow suit. Besides, the recent whale accumulation comes after a massive spike in the SHIB burn recently, which seems to have further fueled investors’ confidence.
As of writing, Shiba Inu price was up 9.70% and exchanged hands at $0.00002612, while its one-day trading volume jumped 27% to $822.54 million. Over the last 24 hours, the meme coin’s price has touched a high of 0.00002617, with CoinGlass data showing that its Open Interest rose 13.25% to $102.49 million.
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