• 14 July, 2024
Market News

Ethereum Whale’s Astonishing $5.8 Million Shiba Inu Token Spree Shakes Crypto World

In a surprising turn of events, the cryptocurrency world has been rocked by the emergence of an Ethereum (ETH) whale who has rekindled their interest in the market, amassing a staggering 606.36 billion Shiba Inu (SHIB) tokens in a whirlwind 24-hour buying spree. Etherscan data has shed light on this mysterious investor, known by the wallet address 0xfb2, who has poured a substantial $5.80 million into SHIB, propelling them to the forefront of Shiba Inu token buyers for the given period.

This unexpected shopping spree has left the whale’s cryptocurrency portfolio with an exorbitant 733.21 billion SHIB, valued at $6.97 million in total terms. Strangely, Shiba Inu has shot up rapidly to become the second largest asset in their portfolio under Ethereum.

Ethereum, boasting a significant stash of 52,618 ETH, still retains its position as the leading asset in the whale’s portfolio, valued at an impressive $132.92 million. The combined value of the entire portfolio now stands at an estimated $182.76 million.

Upon closer examination of on-chain data, it becomes apparent that this Ethereum whale’s initial foray into Shiba Inu occurred two years ago when they acquired nearly 200 billion SHIB tokens. This early investment has set the stage for their attention-grabbing resurgence in Shiba Inu holdings.

In a curious parallel move, an avid Shiba Inu follower named “Lola” noted that Robinhood, the American-based trading platform, substantially added SHIB’s holdings. As per Arkham Intelligence, Lola stated that Robinhood has auctioned off around 231 billion Shiba Inu tokens within less than a day.

This rapid accumulation suggests that Robinhood’s Shiba Inu stash has surged to 36.684 trillion tokens, equivalent to approximately $350 million. Shiba Inu has become the third-largest cryptocurrency by dollar value on the Robinhood platform, trailing only behind Bitcoin and Ethereum.

Meanwhile, further on-chain data supports the narrative of widespread SHIB accumulation by large holders, commonly called crypto whales. Data from IntoTheBlock revealed that Shiba Inu’s Large Holders Netflow has seen a significant spike of 1,542%, indicating substantial activity among whales accumulating the asset. Shiba Inu’s large holder inflow and whale activity index have also experienced remarkable surges over the past day.

This development comes on the heels of another Shiba Inu whale who recently accumulated an astounding 1.44 trillion SHIB tokens. The tokens were acquired from Binance and Gate.io cryptocurrency exchanges. As of the latest data, Shiba Inu is trading at $0.059367, experiencing a minor 1% decrease over the past day.

Significantly, the dog-meme token has also overtaken Internet Computer (ICP) to rank as the world’s 18th largest cryptocurrency with a market capitalization of $5.6 billion. At the same time, ICP stood at number nineteen position after valuation. This has brought excitement and mystery to the ever-changing world of cryptocurrencies.

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