Shiba Inu (SHIB), an Ethereum-based meme coin, has caught the attention of the crypto community due to significant whale accumulation. A crypto analytics firm reported that over 1.44 trillion SHIB, worth approximately $13.36 million, left exchanges in less than 48 hours. This activity raises questions about the motivations behind the accumulation.
The whale, whose actions were marked by split purchases, was identified initiating the accumulation on the Binance platform. They organized the transfer of 400 billion SHIB tokens from Binance to their wallet address, followed by an additional purchase of 146.342 billion SHIB, totaling around $5.18 million.
The whale’s activities extended to the crypto exchange Gate.io, where they accumulated an initial batch of 32.913 billion SHIB. The most significant accumulation involved 499.999 billion SHIB, completed with an additional purchase of 362.134 billion SHIB, reaching a total of approximately 895.047 billion SHIB valued at around $8.5 million.
Shibarium, a Layer-2 Blockchain platform for Shiba Inu, has experienced a worrying decline in transaction numbers. Data from Shibariumscan indicates a significant drop in daily transactions, now fixed at 2.73 million, representing the lowest activity the network has seen in months, reflecting a potential shift in user confidence and network adoption.
Despite the decreasing transaction numbers on Shibarium, SHIB’s transaction price remains at $0.00000948, indicating a complex dynamic between market activities and the token’s valuation.