Shiba Inu whales have been capitalizing on the recent dip in Shiba Inu, accumulating a staggering 2.39 trillion SHIB. Despite a downtrend in SHIB’s price since the start of the month, which saw a drop of as much as 20% from the yearly open to reach $0.000008735 on January 8th, these whales have been actively buying.
Although the cryptocurrency has recovered 15% from this low and is now trading at $0.000009763, its price continues to show signs of decline, currently down by 3.3% in the past 24 hours. These whales have been purchasing a whopping 2.39 trillion SHIB tokens worth $24.15 million and moving them to cold storage. Cold storage refers to digital wallets not owned by crypto exchanges, making the SHIB stored in them inaccessible for trading or selling. This move indicates that these whales plan to hold onto their Shiba Inu for the long term.
Shiba Inu’s ecosystem is home to many whale investors, and transactions among these whales are not uncommon. On-chain transaction tracker Lookonchain has reported large SHIB transfers from crypto exchange Binance into four whale addresses in the past 30 days. The latest big SHIB whale transaction was one of 136.86 billion SHIB tokens worth $1.38 million at the time of transfer to a newly created wallet. This was the smallest accumulation from the four whales. The three other whale transactions were of larger proportion, one of which included TRON founder Justin Sun who accumulated 577 billion SHIB worth $5.82 million from Binance.
According to data from IntoTheBlock, large SHIB holders now hold 78% of the total circulating supply, and some of them can manipulate the price to their advantage. However, the huge buys indicate that some SHIB whale investors remain confident in the token’s long-term prospects, despite recent market volatility. Shytoshi Kusama, the lead developer of Shiba Inu, urged the growing SHIB community in a social media post to remain steadfast. This came in light of the introduction of Shib name tokens. On the other hand, the SHIB burn rate has seen a spike in efforts to push the price of SHIB up. According to the burn tracker, the burn rate recently witnessed a 395.43% spike in burn rate.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions 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 entirely at your own risk.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Shytoshi Kusama, Justin Sun |
| Companies | IntoTheBlock, Gateio, NewsBTC, Binance, Lookonchain |
| Currencies | Bitcoin, Shiba Inu, Ethereum |
| Securities | None |
