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.

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.

---

Follow us on Twitter, Facebook, Telegram, and Google News