Tron founder Justin Sun and a group of prominent investors, often referred to as “whales,” have recently been instrumental in driving a significant surge in the value of Shiba Inu (SHIB). Over the past few weeks, these influential figures and new investors have been actively accumulating SHIB tokens, leading to a noticeable uptick in its market price.
Lookonchain, an on-chain data analysis platform, shared a Twitter post providing the current insights into these significant Shiba Inu transactions:
One such investor, operating under the wallet address “0xa656,” has made a substantial move by withdrawing a staggering 237.87 billion SHIB, equivalent to $2.56 million, from Binance just four hours ago. This transaction, traceable via Etherscan, signifies a growing trend among investors to hold significant amounts of SHIB outside of exchanges.
Justin Sun, a well-known figure in the cryptocurrency world, has also been actively participating in this trend. On December 18 and 19, he withdrew a total of 577 billion SHIB, valued at approximately $6.17 million, from Binance at a rate of $0.0000103 per token. This move by Sun is seen as a strong vote of confidence in the future of SHIB.
In addition to these individual actions, there has been notable activity from wallets “0xfa22” and “0xF17f.” Speculation suggests that these two wallets, possibly operated by the same entity, have collectively accumulated an impressive 850 billion SHIB (worth around $7.57 million) from Binance at a price point of $0.0000089 over the past month.
Another noteworthy participant in this accumulation is the whale under the address “0x8652.” Starting from August 9, this investor has steadily acquired 543.3 billion SHIB, amounting to $5.8 million, at an average price of $0.0000083. A significant portion of this acquisition, specifically 530 billion SHIB, occurred between November 30 and December 1.
The meme coin, Shiba Inu, has been gaining significant traction in the cryptocurrency market. However, over the past 24-hour period, the token has seen a staggering decrease of more than 10% in its market value. Despite this dip, the overall outlook for SHIB remains positive as the recent high-profile and whale accumulations indicate growing confidence among investors. At the time of writing, SHIB is trading at $0.00000011, with bearish pressure mounting.
This recent flurry of activity among high-profile investors and whales in the Shiba Inu market is just a transient event and signifies a growing trend of confidence in cryptocurrency. The strategic acquisitions and the withdrawal of large amounts of SHIB from exchanges suggest a bullish outlook for the token. As these developments unfold, they continue to attract attention and spark discussions within the crypto community, further adding to Shiba Inu’s market performance momentum.
