Whales have shown a growing interest in Shiba Inu amidst the ongoing memecoin frenzy
An unknown Shiba Inu whale started buying the dip, accumulating over 500 billion SHIB ($14.35 million) early Monday. The user created seven fresh wallets and transferred 71.55 billion SHIB ($2.05 million) from Coinbase into each of them.
The whale’s accumulation of SHIB comes at a time when the token is experiencing a downtrend, having lost a crucial support level at $0.000034 last week. Shiba Inu’s value has dropped by more than 18% in just seven days, reflecting a broader market price correction.
5 hours ago, a whale just created 7 Fresh Wallets and transferred exactly 71.55B $SHIB ($2.05M) from #Coinbase to each wallets.
In total, he did accumulated 500.88B $SHIB (~$14.35M)
Here are the addresses:https://t.co/1D63iCOVEzhttps://t.co/DUFJhpUSeEhttps://t.co/DRqn0J9iYw
— The Data Nerd (@OnchainDataNerd) March 18, 2024
Increased Whale Activity on Shiba
In recent weeks, whales seem to have grown fond of the corgi dog-themed Shiba Inu amidst the memecoin frenzy. On-chain data from Arkham Intelligence showed that the accumulation of SHIB in whales has peaked.
A particular wallet address, 0xd740308e4576986b2d24586b92B0040C976077a6, has accumulated almost 488 billion SHIB in the last three days. The user made his first transaction of 358 billion ($9.77 million) on March 16 and has gone on to acquire a total of 488 SHIB. At market price, the wallet sits on a $1.22 million unrealized profit.
Wen Moon?
It is unclear why these whales have shown great interest in Shiba Inu, but this has undoubtedly drawn bullish sentiments to the token. SHIB led the last memecoin season earlier this month, soaring over 180% month-to-date.
Shiba Inu came dangerously close to overtaking Dogecoin early in the month to become the largest token by market cap in the memecoin sector. Although Dogecoin’s payment compatibility has driven its relevance, SHIB has continued to give the Elon Musk-backed meme a good run for its money.
If the current rate of SHIB whale accumulation persists, the project will well be on its way to an expanding parabolic movement. At press time, SHIB is trading at $0.000028, with a market cap of $16.5 billion.
