The SHIB price has been in a downtrend since the beginning of the month, falling 20% from its yearly opening to hit $0.000008735 on January 8th. However, SHIB whales did not stand aside and actively brought back the fall. On-chain data shows that several addresses have accumulated 2.39 trillion tokens and moved them into self-custody, indicating a positive sentiment from major players regarding the price performance of meme coins.
Whales accumulated 2.39 trillion SHIB within a month
The Shiba Inu ecosystem attracts many high-net-worth investors, and transactions between them are not uncommon. According to tracker Lookonchain, huge SHIB transfers have been made from the Binance crypto exchange to four whale addresses over the past 30 days.
A fresh whale wallet accumulated 136.86B $SHIB(1.38M) 30 mins ago.
In the past month, $BTC has increased by 9.78%, $ETH has increased by 16.09%, while $SHIB has only increased by 4.86%.
And 4 whales have accumulated a total of 2.39T $SHIB ($24.15M) from exchanges in the past… pic.twitter.com/NKLz8AhGfV
— Lookonchain (@lookonchain) January 11, 2024
The last large transaction was 136.86 billion tokens worth $1.38 million. The second transfer was made by TRON founder Justin Sun, who accumulated 577 billion Shiba Inu worth $5.82 million. The third transaction was made by address 0xa656, which accumulated 237.87 billion coins for $2.4 million. The largest transfer was sent from address 0xF6b33, which accumulated $1.44 trillion SHIB for $14.54 million from Binance and Gate.io.
What’s happening in the Shiba Inu ecosystem?
According to data from platform IntoTheBlock, large SHIB holders now own 78% of the total circulating supply, and some of them can manipulate the price to their advantage. However, the huge purchases indicate that some whales remain confident in the token’s long-term prospects despite recent market volatility. Meanwhile, the community continues to burn record numbers of coins to increase the value of Shiba Inu to investors and control inflation. Thus, Ethereum co-founder Vitalik Buterin burned about 405 trillion tokens sent to him by developers after the launch of SHIB – against the background of this, the price of meme coins soared by 40%. However, Shiba Inu developer Shitoshi Kusama believes the incineration will only make a difference in conjunction with other efforts to expand the project’s ecosystem.
Recently, the Shiba Inu team announced several updates aimed at boosting the adoption of cryptocurrencies. In partnership with D3 Global, it created SHIB name tokens, which will become the basis for the SNS domain name system. Another new project within the Shibaverse will allow users to mint NFTs from physical items in a bid to grow the ecosystem even more.
