Renowned analytical platform Spot on Chain recently spotlighted significant activities by a major Shiba Inu (SHIB) whale. In a recent X post, the platform highlighted that the address initially received 167 billion SHIB in April 2021, transferred from one of SHIB’s earliest whale addresses.
In July 2021, three months after the initial reception, the whale staked all 167 billion tokens. On October 24, 2021, after another three months, the whale unstaked the tokens, securing an additional 12.9 million SHIB, and sold the entire 167.012 billion tokens the same day.
Following these transactions, the whale remained inactive until recently. With the bull market gaining momentum, the whale resurfaced, executing 156 transactions involving millions to billions of SHIB between 01:43 and 03:48 UTC.
At the time of Spot on Chain’s disclosure, the whale had acquired 149.3 billion SHIB with approximately 1,000 wrapped Ethereum (WETH) worth $3.83 million. The whale continued the buying spree, adding another 173 billion SHIB.
By the end of this series of transfers, the whale had exchanged 2,188 WETH for 323 billion Shiba Inu tokens valued at $8.29 million within three hours. Currently, the whale holds 323 billion SHIB, with no distributions reported.
Interestingly, Shiba Inu is the whale’s primary holding, with negligible quantities of other assets such as 0.4 Ethereum (ETH) worth $1,587 and 8,433 Cellframe (CELL) valued at $5,611. This indicates a strong confidence in Shiba Inu as a significant part of the whale’s investment strategy.
The whale’s previous trading strategy in 2021 saw them stake SHIB for three months before unstaking and selling. Initially purchasing the 167 billion tokens for $604,540, the whale sold them for $5.6 million in October 2021 during Shiba Inu’s historic rally, netting a $5 million profit in three months.
As of press time, SHIB is trading at $0.00002587, spiking 8.79% in the past 24 hours. SHIB has surged above the 50-day exponential moving average (EMA). The cryptocurrency needs to establish this level as support to maintain its gains and continue its upward trajectory. Market watchers are keen to see if the Whale would replicate this strategy with the newly acquired 323 billion tokens.
