A prominent Ethereum address has drastically increased its Shiba Inu (SHIB) holdings with a massive 606.36 billion token purchase, injecting fresh energy into the meme coin’s community during increased whale activity.
This move comes at a time when the broader cryptocurrency market is trying to recover from a recent decline that greeted the Bitcoin ETF approvals by the SEC.
This is not the first time this particular whale has shown faith in SHIB, and many see this move as a loyal Shiba Inu community member betting big on the meme coin.
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On-chain data reveals that the address first dipped its toes into the Shiba Inu pond two years ago and has been accumulating diligently ever since, with minimal selling activity.
The recent 606.36 billion token accumulation, valued at approximately $5.9 million, solidifies SHIB as the whale’s top holding, bringing the total stash to a staggering 733.2 billion tokens (around $6.79 million).
Intriguing Connections
While the identity behind the address remains unknown, further investigation uncovers some fascinating clues. This whale appears to have a close relationship with an address holding over 1 trillion SHIB ($9.2 million), suggesting potential coordination or shared ownership.
Additionally, the address received a significant 36 billion token injection from Coinbase, a leading cryptocurrency exchange, during its early Shiba Inu buying spree, hinting at a possible connection to a high-profile retail investor or even a dedicated SHIB fund.
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Whales Fueling the Shiba Inu (SHIB) Fire
This purchase aligns with a broader trend of rising whale activity surrounding SHIB. Crypto intelligence platform IntoTheBlock reports that whales have performed over $158.45 million in SHIB transactions in the past 7 days, counting all transactions above $100,000.
Such large-scale buying sprees often indicate that whales perceive undervalued potential in an asset, viewing current price dips as attractive entry points.
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The whale interest could be a result of the recent drastic increase in SHIB burns. The whales could be accumulating in anticipation of a massive price upturn the burns may bring.
While the immediate future of the cryptocurrency market remains uncertain, the interest from whales like this one has injected a dose of optimism for SHIB and its devoted community.
These investments’ size and sustained nature suggest a strong belief in the Shiba Inu (SHIB) long-term prospect, potentially paving the way for future growth and price appreciation.
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