Astonishment has filled the Shiba Inu ecosystem upon the news that a whale has recently awoken from its hibernation. This anonymous individual, who is in possession of 10.15% of the total SHIB supply, has caused commotion amongst the community due to their recent activities.
A whale with the label “0x140” has been inactive for 157 days, but then suddenly began a series of transactions. In the course of only 24 hours, this whale transferred 4 trillion SHIB coins, which is equivalent to $30 million, to nine new wallets.
A thorough review of the records on Etherscan supports the statement that a whale had sent 4 billion SHIB tokens to nine different wallets within a day. It started with a transaction of 107 SHIB to one address, then 8 more transactions of 500 million SHIB each to the remaining eight.
Analysts and on-chain experts have been noticing a sudden burst of activity, which has been identified by Lookonchain as likely belonging to the biggest SHIB token holder. This single whale has 101.47 trillion SHIB tokens, which is valued at a whopping $756 million and is spread across 23 wallets.
The whale’s relationship with the SHIB network began in its early stages. Spot On Chain, an on-chain analyst, showed that the whale originally began with an impressive 103.33T SHIB and only 38 ETH ($14,000). Subsequently, this investment soared to a value of $8.16 billion as SHIB’s popularity skyrocketed.
In the summer of 2021, the whale executed a shrewd maneuver while the SHIB cryptocurrency saw a surge in price. Data compiled by Spot On Chain showed that the whale made 1.9 trillion SHIB exchanges across a variety of exchanges, with an average transaction rate of $0.00000969. This successful investment earned the whale a tidy sum of $18.49 million.
It is noteworthy that a whale sold 603 billion SHIB tokens at the worth of 2,411 ETH, which is proportional to $9.6 million, in the same year. Moreover, the whale’s deposit of 1.25 trillion SHIB tokens, amounting to $8.77 million, was transferred to Coinbase.
The current rash of action from this powerful whale has got the SHIB community wondering the meaning of these deals. As a result of this large distribution of SHIB tokens, unease and doubt amongst SHIB advocates is on the rise.
The market is closely monitoring the activity of this whale, as it is clear that their influence on SHIB’s price cannot be downplayed. With 10% of the total SHIB supply, this whale has the ability to cause dramatic price swings and demonstrate their power.
At the present moment, the SHIB cost was at $0.00000752. The burst from the descending pattern (yellow circle) that has been going on since the start of February has not been affirmed yet. What’s more, the more the value does not make an official move towards the 23.6% Fibonacci retracement level at $0.0000083, the more probable it is for the SHIB cost to stay bearish.
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