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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Crypto Frenzy: Whale Accumulates 1.5 Trillion SHIB, Sparking Surge In Price

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
Shiba Inu

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The bustling realm of cryptocurrencies is abuzz with a major development centered around Shiba Inu (SHIB). This news broke as Lookonchain, an on-chain analyst platform, reported a transaction involving a significant accumulation of Shiba Inu tokens by a major holder.

This transaction took place on notable exchanges such as Binance and Coinbase and has made waves in the crypto community.

According to Lookonchain’s data, a SHIB holder, identifiable by the address “0x40B3,” has recently added a colossal 1.5 trillion SHIB tokens to their portfolio. At current market rates, this acquisition equates to approximately $10 million.

A History Of Accumulation

Notably, this particular holder, “0x40B3,” has a history of substantial SHIB purchases. The holder had previously acquired 5.3 trillion Shiba Inu tokens, translating to around $35.5 million. On May 16, “0x40B3” made a transfer of 20 trillion SHIB tokens to another address, “0x73AF,” amounting to roughly $134.4 million.

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Owing to these sizable transactions, “0x40B3” has garnered attention within the crypto ecosystem. The scale of their holdings, rendering them the largest nonexchange holder of Shiba Inu, emphasizes their influence on the SHIB market.

Impact On The SHIB Market

The acquisition of the recent 1.5 trillion SHIB tokens by “0x40B3” had an immediate effect on the SHIB price. In just 15 minutes following the acquisition, the price of Shiba Inu surged over 1.5%. This brief window of time encapsulated the influence wielded by “whales,” or large-scale investors, over the price volatility in the cryptocurrency markets.

Moreover, the SHIB price appears to be on a recovery path, with an uptick of nearly 25% since its recent low of $0.00000591 last Saturday. This rebound illustrates the dynamism of the cryptocurrency market and the significant role large investors play in shaping it.

Meanwhile, Shiba Inu has shown a continuous uptick in the past 24 hours. SHIB which is one of the largest meme coins by market capitalization has recorded a brewing rally up by 3% in the past 24 hours.

Shiba Inu (SHIB) price chart on TradingView
Shiba Inu (SHIB) price is moving sideways on the 4-hour chart. Source: SHIB/USDT on TradingView.com

At the time of writing, Shiba Inu currently trades at $0.00000678 after trading below $0.00000600 on Tuesday. Interestingly, despite the current uptick, SHIB’s trading volume has plunged a bit from $185 million this time last week to $104 million in the past 24 hours.

However, the meme coin’s market capitalization has seen a more than $700 million loss in the past 7 days. SHIB’s market cap has plunged from $4.7 billion last Tuesday to $3.9 billion as of today.

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Shiba Inu (SHIB) Price Could Soar To Major Highs Soon, Here’s Why

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In other news, the upcoming launch of Shibarium has cast a cloud of uncertainty over the Shiba Inu community due to some recent developments. Initially, LucieSHIB, a well-known advocate for Shiba Inu, set expectations for the launch of the eagerly awaited Shibarium mainnet, suggesting a timeframe between the second and third quarters of 2023.

Nonetheless, according to recent posts from the same individual, the launch might experience a postponement from its initial projected timeline, causing a wave of speculation among market participants and aficionados.”

Featured image from Shutterstock, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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