A significant Ethereum whale has reaffirmed its commitment to Shiba Inu, making a substantial purchase of 606.36 billion SHIB tokens, valued at approximately $5.9 million. This move comes amidst a noticeable surge in whale activity focused on Shiba Inu, coinciding with the broader cryptocurrency market’s efforts to recover from a recent downtrend.
The latest transaction stands out as one of the noteworthy moves in recent times, particularly because it involves an Ethereum address that initially entered the Shiba Inu market two years ago. The acquisition has now made SHIB the largest holding in this particular address, totaling 733.2 billion SHIB, equivalent to around $6.79 million. Interestingly, the whale has consistently concentrated on accumulating SHIB, showing minimal selling activity over the past two years.
While the identity behind the Ethereum address remains undisclosed, further investigation into its activities reveals intriguing details. The wallet regularly transfers a portion of its SHIB holdings to another address, which currently boasts over 1 trillion SHIB tokens, valued at $9.2 million. Moreover, the address may be associated with either a retail investor or a high-profile fund with a specific interest in SHIB. Notably, in its early interactions with Shiba Inu, the address received 36 billion tokens from the well-known crypto exchange, Coinbase.
This substantial accumulation of Shiba Inu follows a broader trend of increased whale activity. Data from IntoTheBlock indicates that whales have moved more than $158 million worth of SHIB tokens in the past seven days. Such heightened whale activity, characterized by significant purchases, often suggests that prices have reached a level where large investors find it compelling to boost their exposure to the asset.
This surge in Shiba Inu whale activity gained momentum when the cryptocurrency slipped below the crucial $0.000010 support level, which it had held for an extended period. Currently trading at $0.00000927, reflecting a 4% decline over the past week, Shiba Inu’s bearish price action aligns with the broader cryptocurrency market’s performance as investors grapple with the aftermath of a post-ETF sell-off led by GBTC holders.
