Shiba Inu Whale Accumulates Massive Holdings, Amid Price Recovery
January 10 2024 - 8:00AM
NEWSBTC
Ethereum-based memecoin Shiba Inu (SHIB) has once again garnered
the attention of the crypto community as the altcoin has witnessed
a massive whale accumulation leaving the community to ponder on the
reason behind the whale accumulation. Shiba Inu Whale Amassed 1.44
Trillion SHIB Recent data from crypto analytics firm Lookonchain
has revealed that new buyers are stacking Shiba Inu on Binance and
Gate.io. The analytics platform shared the data on the social media
platform X (formerly Twitter). As of the time of the report, over
1.44 trillion SHIB, valued at about $13.36 million, had left
exchanges in less than 48 hours. With split purchases over a period
of time, the accumulation was a clear move. Related Reading: Shiba
Inu Whale Moves $45 Million In SHIB, Bullish? Lookonchain revealed
that the unknown whale addresses 0xF633Cd….3493Bbac began the
accumulation on the Binance platform. The whale reportedly moved
400 billion SHIB tokens from the platform to the wallet address.
Additionally, the whale received another 146,342,102,182.77 SHIB
around an hour later. This brings down the total amount of SHIB
withdrawn from Binance to 546,342,102,182.77, valued at
approximately $5.18 million. Furthermore, the analytics firm
reported another massive Shiba Inu withdrawal from the crypto
exchange Gate.io. Lookonchain shows that the whale started the
accumulation from Gate.io with an initial batch of
32,913,563,627.61 SHIB tokens. Meanwhile, the next whale
accumulation which was the largest consists of 499,999,665,444.45
SHIB. The whale then completed the move with an additional
362,134,360,200.61 SHIB buy. This brought the total amount of SHIB
amassed to a whopping 895,047,589,272.67 valued at about $8.5
million. According to Lookonchain, the aforementioned wallet
address 0xF633Cd….3493Bbac is responsible for the tokens withdrawn
from both crypto platforms. These transactions came at a time
when the Shiba Inu was experiencing a price rebound. However, there
is no solid proof that these transactions have affected the price
of SHIB positively. A Significant Drop In Shibarium Transaction
Counts The Shiba Inu layer 2 blockchain platform Shibarium has
experienced a significant drop in its transaction counts. The drop
in transactions might suggest a broader change in users’s
confidence and engagement. According to data from Shibariumscan,
the network’s daily transactions are currently pegged at 2.73
million. This is the lowest the network has seen in months now.
Related Reading: Shibarium’s Activity Surge: Wallet Growth And
Elevated SHIB Burn Rate – Bullish Signal For Shiba Inu? The network
has been seeing a notable decrease in transaction counts since the
close of the previous year. The drop in daily transaction counts
indicates a decline in the network’s adoption. Data from Shibarium
Explorer shows that the network’s utilization is down up by 11%.
However, this is a drop from the 30% network utilization it
recorded on Monday, January 8. As of the time of writing, SHIB was
trading at $0.000009522, indicating an increase of 1.20% in the
past 24 hours. Meanwhile, its 24-hour trading volume is currently
seeing an uptick of 64%, according to CoinMarketCap. Featured image
from iStock, chart from Tradingview.com
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