The meme coin, Shiba Inu, has gained substantial traction from the whales in the broader crypto market. This surge follows significant whale activity involving a staggering 546.34 billion SHIB, capturing the attention of global crypto enthusiasts.
Amidst a prevailing downturn in the crypto market, Shiba Inu’s recent whale activity has become a focal point of curiosity for traders and investors. While the broader market grapples with the impact of attention on Bitcoin ETF approval, the meme coin’s notable whale chronicle has carved its space in the headlines.
According to data provided by Lookonchain, a platform offering on-chain insights, a fresh wallet address executed a withdrawal of 546.34 billion SHIB from Binance on January 8. The total value of the coins in motion reached $4.92 million at the time of reporting.
Further analysis of the on-chain metrics revealed that the wallet address, identified as 0xF633Cd…, carried out this substantial move in two transactions. The first transaction involved the withdrawal of 400 billion SHIB, followed by an additional 146.34 SHIB in the second.
Despite the broader crypto market experiencing a predominantly negative trend on this day, the significant accumulation of SHIB by the mentioned wallet address has sparked considerable interest.
As of the latest data, the price of Shiba Inu has witnessed a surge of 5% in the past 24 hours, currently trading at $0.000009518. This downward trend is further reflected in a weekly drop of 11.35% and a monthly decrease of 8.04%.
However, the recent surge in whale activity within the Shiba Inu market has introduced a captivating twist to the sentiments surrounding the token. In recent times, there has been a significant increase in whale transactions involving a particular token valued at $100,000 or more. In the last 24 hours, this surge has spiked by 1,314%. According to blockchain analytics platform IntoTheBlock, on-chain analysis reveals a total increase of $64 million from $4 million just one day before.
There has been some noteworthy activity from two wallets, identified as “0xfa22” and “0xF17f”. It is speculated that these two wallets, possibly controlled by the same entity, have collectively acquired an impressive 850 billion SHIB tokens worth approximately $7.57 million from Binance, costing $0.0000089, over the past month. Along with these individual actions, this activity has gained attention.
