This Whale Bets Big on Shiba Inu as SHIB Price Spiked by 6% Daily
With meme coins creating buzz all year, whales have doubled down on accumulating these tokens.
One such whale has been massively accumulating Shiba Inu (SHIB) tokens, spending 4,849 ETH, worth around $18.44 million, to purchase a whopping 715.9 billion SHIB over the span of just six hours.
This is an extraordinary buying spree, even for this particular investor, who has been incredibly successful with SHIB in the past.
SHIB Accumulation Spree
According to Lookonchain’s analysis, this same trader had previously spent only around $400,000 to acquire 5.5 trillion SHIB tokens early on. They then sold those holdings at two separate peak points for a combined total of approximately $121 million – netting them over $120 million in profits from their initial SHIB investment.
The latest accumulation suggests the trader may be positioning for another speculative run on the popular meme coin after already achieving amazing gains.
A whale made a series of massive purchases of Shiba Inu tokens. Initially, they acquired 149.3 billion SHIB by spending around 1,000 wrapped Ethereum (WETH) worth $3.83 million. The whale continued accumulating and bought an additional 173 billion SHIB soon after. In a three-hour span, the entity exchanged a total of 2,188 WETH, valued at $8.29 million, to amass 323 billion SHIB tokens.
Amidst increasing accumulation, SHIB was trading at $0.000025, up by almost 9% over the past 24 hours.
Shiba Inu Ecosystem Surges with Key Developments
The Shiba Inu ecosystem has seen several significant developments that likely contributed to the token’s price surge. Shibarium, the Layer-2 scaling solution, made notable advancements this year, improving the network’s capacity to handle a higher transaction volume while maintaining efficiency.
Additionally, the Shibdentity initiative introduced a new digital identity era, while the Sheboshis NFT collection of 20,000 digital avatars launched on Ethereum.
Further bolstering the ecosystem, Shiba Inu announced a $12 million funding round from key players such as Polygon Ventures, Mechanism Capital, and Animoca Brands, to develop a privacy-focused Layer-3 blockchain.
The integration of the Shibaswap decentralized exchange with Shibarium also took place in May 2024, expanding the ecosystem’s capabilities and reach.
The whale’s latest purchase came amid SHIB’s price resurgence over the past day as the asset jumped by 6% alongside the rest of the market.
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