Every cryptocurrency has several categories of investors. The top three are retail, institutional investors, and whales. About 73% of Shiba Inu’s holders are whales, according to data from IntoTheBlock. With such a large concentration of whales, the SHIB market is expected to witness substantial transactions. More recently, a whale managed to purchase a staggering 1 trillion SHIB over the past seven days.
Also Read: BRICS: Chinese Yuan Beats Euro To Become the Second Most Used Currency
Arkham Intelligence data indicates that the address “0x78342” purchased this additional quantity of meme coins. This wasn’t all as the majority of the Shiba Inu tokens came from another unknown wallet, “0x826c.”. It’s interesting to see that this address still possesses $18.87 million, or 1.395 trillion SHIB.
In addition, this wasn’t the first big move by the whale. The overall SHIB portfolio value of the whale, including purchases made during the week, was 1.486 trillion tokens. This volume is equal to $20.16 million at the current Shiba Inu price. Since this transaction was a movement from one address to another, the price of SHIB did not witness a massive spike.
Also read: Shiba Inu (SHIB) Burn Rate Spikes 139,103%: Will It hit $0.00002?
Shiba Inu Whale Activity Spikes
Amidst this purchase, the number of large transactions in SHIB has increased by more than 62%. With this, the overall amount of big transactions for the previous day has reached 3.05 trillion SHIB or $42.88 million in cash. But sadly, at press time, the same number dipped by 45% and was at $9.52 million.
At press time, Shiba Inu was trading at $0.00001313 with a 4.22% drop over the past 24 hours. The meme coin had a rough last week of August as it dipped by nearly 13% over the past seven days.
Also Read: Shiba Inu: Should You Hold Or Sell Your SHIB? Finder Panel Predicts
Credit: Source link