Shiba Inu whales have been gobbling up the recent dip in Shiba Inu, with on-chain data showing some accumulating an enormous 2.39 trillion SHIB between them. SHIB’s price has been on a downtrend since the beginning of the month, falling as low as 20% from the yearly open to reach $0.000008735 on January 8th.
Although the crypto has since recovered 15% from this low and is now trading at $0.000009763, its price is still showing signs of decline and is currently down by 3.3% in the past 24 hours. Behind the background sits some whales, gobbling up a whopping 2.39 trillion SHIB tokens worth $24.15 million and sending them straight to cold storage.
Cold storage mostly refers to digital wallets that are not owned by crypto exchanges, making the SHIB stored in them inaccessible for trading or selling. By putting their Shiba Inu into cold storage, these whales show that they plan to HODL for the long term.
Shiba Inu Whales Accumulate 2.39 Trillion SHIB In A Month
Shiba Inu’s ecosystem is home to many whale investors, and transactions among these whales are not uncommon. According to on-chain transaction tracker Lookonchain, there have been huge 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. Notably, 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.
The third exit from Binance went into address 0xa656, which accumulated 237.87 billion SHIB worth $2.4 million. The largest accumulation came from 0xF633 who accumulated 1.44 trillion SHIB worth $14.54 million from Binance and Gateio.
A fresh whale wallet accumulated 136.86B $SHIB(1.38M) 30 mins ago.
— Lookonchain (@lookonchain) January 11, 2024
Current State Of Shiba Inu
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.
Hey, #SHIBARMY! While everyone is focused on approved or not, hacked or not, we remained focused on creating what we said we would: A Network State. Since I’m hearing a lot of Web 3 but not enough WEB, let’s talk about #SHIB NAME TOKENS. 1/
— Shytoshi Kusama (@ShytoshiKusama) January 9, 2024
Featured image from iStock