Blockchain News

Whales Accumulated Over $100M in SHIB Tokens Within the Past Wee

Significant events in Shiba Inu (SHIB) have occurred in the last week, with large holders amassing more than $100 million in SHIB tokens, according to IntoTheBlock, a well-known market information site. These buys have sparked interest owing to the potential consequences for the future of the meme coin.

IntoTheBlock examined SHIB netflow data and discovered significant surges in the meme coin’s netflow dating back to the latter week of August 2023. This spike in NetFlow activity indicates a significant increase in large-scale token movements within the SHIB ecosystem.

Whale Alert, a well-known blockchain tracking and research system, recently documented some of the most noteworthy SHIB transactions. On August 31, 2023, an unknown SHIB whale transferred a whopping 4,642,530,677,374 SHIB tokens worth $38,057,145 from one unnamed wallet to another. On September 2, 2023, a separate whale transferred 4,630,530,677,374 SHIB tokens worth $36,696,955 from the Bitvavo crypto exchange to an unnamed wallet.

On September 4, 2023, Whale Alert reported another significant SHIB transaction, continuing the trend. This time, a whale moved 4,615,530,677,374 SHIB tokens worth $35,694,206 from Bitvavo to an unnamed wallet. These trades quickly increased the total value of SHIB tokens transacted by whales to more than $100 million.

Surprisingly, the increase in SHIB whale activity coincided with an increase in new members of the Shiba Inu ecosystem. According to Shibarium explorer data, the number of active wallets on the newly established network has surpassed one million. This expanding network has also produced over one million transactions and approximately 472,000 blocks, with an average block time of under five seconds.

The extraordinary passion of Shiba Inu community members has played a vital part in driving up whale activity. Many crypto fans take these large-scale purchases as a sign of SHIB’s price preparing for a bull run. However, some members of the community are wary, worrying that early sales of tokens by these significant holders during a hypothetical SHIB price surge will influence the meme coin’s long-term development.

As the Shiba Inu ecosystem evolves, all eyes will be on the behavior of these prominent SHIB holders and their impact on the future of this popular meme coin.


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