Shiba Inu Whale Enter Buying Frenzy, 715 Billion SHIB Snapped Up In Days

Recent price action has seen Shiba Inu bouncing off major price support at $0.00002379 after what might be propelled by an interesting movement from the whales. According to on-chain data, a particular SHIB trading expert is buying SHIB in massive amounts. This trader, known for making bank on Shiba Inu in its early days, now seems to be positioning for what could be a looming bull run for the meme coin.

Shiba Inu Whales Enter Buying Frenzy

Shiba Inu is home to a lot of crypto whales whose buying and selling patterns could influence other traders. As noted by on-chain analytics company Lookonchain, some whale wallets have been scooping up SHIB tokens massively in the past 24 hours. Amidst this accumulation trend is a particular purchase from a successful SHIB investor. According to Lookonchain, this investor has been buying SHIB crazily, spending 4,849 ETH worth $18.44 million to buy 715.9 billion SHIB tokens in less than six hours.

Shiba Inu’s overnight shot to popularity among meme coin traders made many of its early investors crypto millionaires overnight. This trader, in particular, made more than $120 million in profit in the early days of SHIB by buying $400,000 worth of SHIB and selling for $121 million over two peaks in 2021. 

Interestingly, the purchases weren’t carried out in a single act, as Lookonchain noted they were made across three addresses. A closer look into etherscan data shows that the purchases were made in multiple transactions in each wallet, with respective balances now totaling 323 billion, 352 billion, and 234 billion SHIB tokens at the time of writing.  

What’s Next For SHIB?

The peculiarity of the transfer, coupled with the investor’s successful run with SHIB, has caused many traders to speculate whether this could be an insider or probably one of Shiba Inu’s early team members. On the other hand, the whale’s buying pattern is a much-needed catalyst for an increase in buying pressure amidst a major decline in the SHIB burn rate. 

In another social media post, Lookonchain revealed that nine wallets have spent $35.2 million to buy 1.356 trillion SHIB tokens at an average price of $0.00002596 in 12 hours. A positive price movement is generally enjoyed by SHIB when whales are accumulating from exchanges. 

SHIB, on the other hand, has had an interesting price action in the past 30 days. After reaching a bottom of $0.00002167 on May 13, SHIBB went on a 32% increase to reach $0.0000287 on May 29 before reversing again to bounce off a support at $0.00002379.