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HomeCryptocurrencyShiba Inu Whale Acquires 500 Billion SHIB At Coinbase. Here's the Significance

Shiba Inu Whale Acquires 500 Billion SHIB At Coinbase. Here’s the Significance

Shiba Inu (SHIB) has become increasingly prominent due to its impressive 182% price surge over the past month. This, coupled with ongoing purchases by whales, underscores a bullish trend and strong market support for the project.

Despite a recent price dip in the cryptocurrency market caused by a strong inflation report, Shiba Inu (SHIB) is demonstrating renewed momentum, attracting significant investor interest

Read Also: Someone Grabs 3.7 Trillion SHIB worth $89.1 Million; Top 100 ETH Whales Now Hold 53.9 Trillion SHIB

Shiba Inu (SHIB) Whale Purchases 500.85 Billion Tokens

A newly detected crypto whale has established seven separate wallets to accumulate a considerable amount of Shiba Inu tokens.

In a post on X, On-chain Nerd revealed that approximately $14.35 million worth of SHIB, amounting to 500.88 billion tokens at the time, were transferred from Coinbase into these wallets. Distributing the holdings across multiple wallets is a common security strategy among crypto investors.

While the possibility exists that these tokens were previously acquired and recently transferred, the timing aligns with recent bearish market activity. This suggests a potential strategic accumulation during the price dip.

Notably, should the whale investor maintain this SHIB investment until the cryptocurrency recaptures its all-time high, the portfolio value could experience a threefold increase. At that point, the 500.85 billion SHIB holdings would be worth over $44 billion.

This recent whale activity contrasts with sell-offs observed this month. As reported by Times Tabloid, a whale transferred Shiba Inu holdings worth approximately $10 million to Wintermute, signaling a possible sell-off. The subsequent accumulation by high-profile investors highlights a potential shift in sentiment, implying that Shiba Inu could be gearing up for a price surge.

Read Also: New Shiba Inu Whale Moved 4 Trillion SHIB From Crypto Exchange Wallet. Here’s the Significance

Optimistic analyst forecasts project Shiba Inu reaching its price all-time high. Further whale acquisitions could catalyze this predicted growth trajectory. It’s important to know that large-scale purchases of SHIB by whales often generate confidence in the market, leading to a surge in demand from other investors.

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This increased buying activity can drive the price of Shiba Inu higher. Currently, Shiba Inu (SHIB) remains 64% below its all-time high, with a trading price of $0.00002664 at the time of writing.


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Solomon Odunayo
Solomon Odunayo
Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.
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