Surge in Shiba Inu Whale Activity as Massive 546.34 Billion SHIB Transfers Occur

Author : Elisabeth Louise | Published On : 10 Jan 2024

Significant Whale Movement of 546.34 Billion SHIB Sparks Global Crypto Interest

In the midst of a broader crypto downturn, the recent withdrawal of a substantial 546.34 billion SHIB by a notable whale has garnered widespread attention in the global crypto community. Shiba Inu, the meme coin at the center of this activity, has experienced a 5% increase in the last 24 hours, injecting optimism into its future performance.

Despite the prevailing negative trend in the overall crypto market, Shiba Inu's whale activity has become a standout point of interest for traders and investors. While the market grapples with the implications of Bitcoin ETF approval, the notable withdrawal of 546.34 billion SHIB has become a headline-worthy development.

Data from Lookonchain, a platform providing on-chain insights, reveals that a fresh wallet address (0xF633Cd…) executed the significant withdrawal from Binance on January 8. The total value of the withdrawn coins amounted to $4.92 million at the time of reporting.

Further analysis of on-chain metrics indicates that the wallet address conducted the substantial move in two transactions, withdrawing 400 billion SHIB in the first transaction and an additional 146.34 billion SHIB in the second.

Despite the broader crypto market experiencing a negative trend on the same day, the considerable accumulation of SHIB by the identified wallet address has sparked notable interest.

As of the latest data, the price of Shiba Inu has seen a 5% surge in the past 24 hours, currently trading at $0.000009518. This downward trend is reflected in a weekly drop of 11.35% and a monthly decrease of 8.04%.

The recent surge in whale activity within the Shiba Inu market has added a captivating twist to sentiments surrounding the token. There has been a significant increase in whale transactions, particularly those involving tokens valued at $100,000 or more. In the last 24 hours, this surge has spiked by 1,314%, indicating a total increase of $64 million from $4 million just one day earlier, according to blockchain analytics platform IntoTheBlock.

Noteworthy activity has been observed from two wallets, identified as "0xfa22" and "0xF17f." These wallets, speculated to be controlled by the same entity, have collectively acquired an impressive 850 billion SHIB tokens worth approximately $7.57 million from Binance over the past month at a cost of $0.0000089. This collective activity has drawn additional attention in the crypto space.