Some heavyweight Shiba Inu investors recently sank a significant amount in Shiba Inu (SHIB) tokens, totaling over $18 million for billions of these tokens.
With a track record of profitable SHIB trades, this investor's move indicates a rising interest in Shiba Inu and its potential market impact.
Whale's Massive SHIB Purchase
As reported by Lookonchain, a SHIB investor recently purchased a staggering 715.9 billion SHIB tokens, equivalent to $18.44 million, or 4,849 ETH.
This investor is no stranger to Shiba Inu, having previously turned a $400,000 investment into $121 million during two peak trading periods.
A $SHIB super big winner is buying $SHIB crazily, spending 4,849 $ETH($18.44M) to buy 715.9B $SHIB in the past 6 hours.
— Lookonchain (@lookonchain) June 5, 2024
This guy spent only ~$400K to buy 5.5T $SHIB in the early stage and sold for ~$121M at 2 peaks.
He made more than $120M on $SHIB before, an amazing gain!😱… pic.twitter.com/iREp5jfj75
The recent buying spree wasn't a one-time transaction. The investor started by buying 149.3 billion SHIB for $3.83 million and soon added another 173 billion SHIB.
Within just three hours, they accumulated a total of 323 billion SHIB tokens, spending an additional $8.29 million.
Key Developments and Why Shiba Inu Exploding
The recent surge in SHIB's price can be attributed to significant developments within the Shiba Inu ecosystem.
For instance, introducing Shibarium, a Layer-2 scaling solution, has bolstered the network's capacity to process more transactions efficiently.
Additionally, initiatives like Shibdentity, which aims to revolutionize digital identity in the Shiba Inu ecosystem, and the Sheboshis NFT collection, which features 20,000 digital avatars on the Ethereum blockchain, have added an exciting dimension to the Shiba Inu universe.
Furthermore, Shiba Inu secured a $12 million funding round from heavyweights like Polygon Ventures, Mechanism Capital, and Animoca Brands.
This funding is dedicated to developing a privacy-focused Layer-3 blockchain, further enhancing the ecosystem's capabilities.
Integrating Shibaswap, a decentralized exchange, with Shibarium, is another step towards a more interconnected and efficient Inu network.
Shib Whale Movement
SpotOnChain has also observed similar whale activity. A whale using the wallet address 0x520 swapped 1,593 WETH for 234.136 billion SHIB tokens, amounting to $6.07 million.
The average price of this transaction was $0.00002593 per SHIB. Interestingly, wallet 0x520 is linked to other significant crypto wallets, particularly 0x761 and 0x913, which have also conducted substantial SHIB purchases.
Wallet 0x761 was an early SHIB investor, purchasing 5.16 trillion tokens in March 2021 for 45 Ethereum, worth $63,700.
Later, 165.36 billion SHIB tokens were transferred from 0x761 to 0x520 and sold for a profit in October 2021.
Similarly, on June 5, 2024, wallet 0x913 invested 1,000 WETH ($3.83 million) to acquire 149.3 billion SHIB tokens. Like 0x520, wallet 0x913 also received SHIB tokens from 0x761 in 2021.
These transactions suggest a possible coordinated strategy or shared ownership among the three wallets. Their combined activities amount to nearly $10 million in SHIB purchases, indicating a strategic Shib whale movement.
At the time of this report, the price of Shiba Inu stands at $0.00002325, and the 24-hour trading volume amounts to $430,414,603.
The price has declined 1% in the last day, with the live market cap resting at $14,776,648,642. The circulating supply of SHIB coins totals 589,271,788,505,989.