The Ethereum-based meme cryptocurrency, Shiba Inu (SHIB), has once again piqued the interest of the crypto sphere. A significant uptick in Shiba Inu Whale Accumulation has left the community speculating about the driving factors. Recent data reveals a whale has amassed a staggering 1.44 trillion SHIB, prompting a flurry of discussion.
Unprecedented SHIB Accumulation
According to the crypto analytics firm Lookonchain, new investors are flocking to Binance and Gate.io to stack up on Shiba Inu. The firm shared this intriguing data on social media platform X (previously known as Twitter). The report indicates that in less than 48 hours, a staggering 1.44 trillion SHIB, approximately worth $13.36 million, had been withdrawn from exchanges. This accumulation, conducted in split purchases over time, signals a strategic move by the whale.
Lookonchain disclosed that the accumulation began on the Binance platform by an unknown whale with the address 0xF633Cd….3493Bbac. This whale moved 400 billion SHIB tokens from the platform to their wallet address, and shortly after, received an additional 146,342,102,182.77 SHIB. This brings the total amount of SHIB withdrawn from Binance to 546,342,102,182.77, valued at approximately $5.18 million.
Further Accumulation from Gate.io
Lookonchain also reported another substantial Shiba Inu withdrawal from the crypto exchange Gate.io. The analytics firm shows that the whale began accumulating from Gate.io with an initial batch of 32,913,563,627.61 SHIB tokens. The largest accumulation was a whopping 499,999,665,444.45 SHIB, followed by an additional purchase of 362,134,360,200.61 SHIB. This brings the total amount of SHIB amassed to an astounding 895,047,589,272.67, valued at about $8.5 million.
These transactions coincided with a price rebound for Shiba Inu. However, there’s no concrete evidence that these transactions have directly influenced the price of SHIB in a positive way.
Shibarium Transaction Counts Dwindle
Meanwhile, Shibarium, the Shiba Inu layer 2 blockchain platform, has seen a noticeable drop in its transaction counts. This decline may indicate a shift in user confidence and engagement. Data from Shibariumscan reveals that the network’s daily transactions are currently at 2.73 million, the lowest in months. The network has experienced a consistent decrease in transaction counts since the end of last year, suggesting a dip in the network’s adoption. Shibarium Explorer data shows that the network’s utilization is down by 11%, a significant drop from the 30% network utilization recorded on Monday, January 8.
As of the time of writing, SHIB was trading at $0.000009522, marking an increase of 1.20% in the past 24 hours. Its 24-hour trading volume has also seen a surge of 64%, according to CoinMarketCap.
To keep an eye on such intriguing market movements, consider using applications like cryptoview.io that provide real-time data and analytics. It’s a valuable tool for those looking to stay ahead in the dynamic world of cryptocurrency.
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