|

JUST IN: Biggest Ethereum whale scoops up 536 billion Shiba Inu

  • The largest Ethereum whale hoarded 536.51 billion SHIB tokens through several transactions within a 24-hour period. 
  • Large wallet investors on the Ethereum network continue scooping up meme coins like Shiba Inu, diversifying their portfolio. 
  • 145.7 million Shiba Inu tokens have been burnt in the last 24 hours, effectively pulling it out of circulation. 

Large wallet investors on the Ethereum network are keen on accumulating meme coins like Shiba Inu to diversify their portfolio. Typically whales have scooped up SHIB during a dip in the meme coin’s price. 

Also read: Why Shiba Inu holders need to hold their horses on SHIB purchase

536.51 billion Shiba Inu purchased by Ethereum whale

Ethereum whales have consistently accumulated Shiba Inu in their wallets as a means of diversifying their portfolio. Typically when Shiba Inu price declines, whales scoop up the meme coin at a relatively low price. Whale accumulation is considered a precursor of a rally in Shiba Inu based on previous trends in the last two months. 

Most recently, on September 12, within a 24 hour period, one of Ethereum network’s largest whales scooped up 536.51 billion Shiba Inu tokens. The deep-pocketed Ethereum investor spent $7 million on the purchase, in 14 transactions. Based on data from Etherscan.io, the whale is known to scoop up Shiba Inu during a price dip in the meme coin.                                                                                             

Ethereum whale accumulates Shiba Inu

 Ethereum whale accumulates Shiba Inu                                                                                                                                                                                                                          

Data from Etherscan.io reveals that Ethereum’s largest investor has acquired SHIB from Binance and Coinbase, two large cryptocurrency exchanges. The first ten transactions accounted for 475 billion SHIB, the next few on Coinbase accounted for 60 billion. Post the accumulation, the whale sold a significant chunk of Shiba Inu holdings, 19.2 billion tokens worth $252,096 in a single transaction. The whale now holds 519.3 billion Shiba Inu worth $6.82 million in the wallet. 

Ethereum whale wallet

Ethereum whale wallet 

Why whale accumulation of SHIB matters?

Accumulation of Shiba Inu by large wallet investors on the Ethereum network is considered a bullish signal in the crypto community. A pattern has emerged wherein large scale purchases of SHIB by whales are followed by a rally in the meme coin. The local top coincides with the price at which whales shed their holdings. 

Analysts at FXStreet identified how Shiba Inu price range has tightened and there is a possibility of a 50% rally in the meme coin. For more information and key price levels, check the video below: 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

More from Ekta Mourya
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

BNB Price Forecast: BNB slips below $855 as bearish on-chain signals and momentum indicators turn negative

BNB, formerly known as Binance Coin, continues to trade down around $855 at the time of writing on Tuesday, after a slight decline the previous day. Bearish sentiment further strengthens as BNB’s on-chain and derivatives data show rising retail activity.

Top Crypto Losers: Aster, Midnight, and Ethena extend losses as selling pressure mounts

Aster, Midnight, and Ethena are the altcoins with the most losses over the last 24 hours, as the broader cryptocurrency market weakens amid Bitcoin dropping below $86,000. ASTER, NIGHT, and ENA risk further losses as selling pressure mounts and risk-off sentiment spreads across the crypto market.

Ethereum Price Forecast: BitMine acquires 102,259 ETH as price plunges 5%

Ethereum (ETH) treasury company BitMine Immersion scaled up its digital asset stash last week after acquiring 102,259 ETH since its last update. The purchase has increased the company's holdings to 3.96 million ETH, worth about $11.82 billion at the time of publication.

Strategy scoops about $1 billion in Bitcoin for second consecutive week

Bitcoin (BTC) treasury and financial intelligence firm Strategy expanded its holdings following another round of weekly accumulation.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.