Shiba Inu Whales Eat The Dip: 2.39 Trillion SHIB Make Their Way To Cold Storage
January 13 2024 - 9:00AM
NEWSBTC
Shiba Inu whales have been gobbling up the recent dip in Shiba Inu,
with on-chain data showing some accumulating an enormous 2.39
trillion SHIB between them. SHIB’s price has been on a downtrend
since the beginning of the month, falling as low as 20% from the
yearly open to reach $0.000008735 on January 8th. Although
the crypto has since recovered 15% from this low and is now trading
at $0.000009763, its price is still showing signs of decline and is
currently down by 3.3% in the past 24 hours. Behind the background
sits some whales, gobbling up a whopping 2.39 trillion SHIB tokens
worth $24.15 million and sending them straight to cold storage.
Cold storage mostly refers to digital wallets that are not owned by
crypto exchanges, making the SHIB stored in them inaccessible for
trading or selling. By putting their Shiba Inu into cold storage,
these whales show that they plan to HODL for the long term. Related
Reading: Bitcoin Retreats: ETF Dream Fades, Price Tumbles Under
$42,000 Whales Accumulate 2.39 Trillion SHIB In A Month Shiba Inu’s
ecosystem is home to many whale investors, and transactions among
these whales are not uncommon. According to on-chain transaction
tracker Lookonchain, there have been huge SHIB transfers from
crypto exchange Binance into four whale addresses in the past 30
days. The latest big SHIB whale transaction was one of 136.86
billion SHIB tokens worth $1.38 million at the time of transfer to
a newly created wallet. Notably, this was the smallest accumulation
from the four whales. The three other whale transactions were of
larger proportion, one of which included TRON founder Justin Sun
who accumulated 577 billion SHIB worth $5.82 million from Binance.
Shiba Inu currently trading at $0.0000098277 on the daily chart:
TradingView.com The third exit from Binance went into address
0xa656, which accumulated 237.87 billion SHIB worth $2.4 million.
The largest accumulation came from 0xF633 who accumulated 1.44
trillion SHIB worth $14.54 million from Binance and Gateio.
https://x.com/lookonchain/status/1745361421817508240?s=20 A
fresh whale wallet accumulated 136.86B $SHIB(1.38M) 30 mins ago. In
the past month, $BTC has increased by 9.78%, $ETH has increased by
16.09%, while $SHIB has only increased by 4.86%. And 4 whales have
accumulated a total of 2.39T $SHIB ($24.15M) from exchanges in the
past… pic.twitter.com/NKLz8AhGfV — Lookonchain (@lookonchain)
January 11, 2024 Current State Of Shiba Inu According to data from
IntoTheBlock, large SHIB holders now hold 78% of the total
circulating supply, and some of them can manipulate the price to
their advantage. However, the huge buys indicate that some SHIB
whale investors remain confident in the token’s long-term
prospects, despite recent market volatility. Related Reading:
Lido (LDO) Action Heats Up: Nearly 90% Of Holders See Profits On
Crypto Climb Shytoshi Kusama, the lead developer of Shiba Inu,
urged the growing SHIB community in a social media post to remain
steadfast. This came in light of the introduction of Shib name
tokens. On the other hand, the SHIB burn rate has seen a spike in
efforts to push the price of SHIB up. According to the burn
tracker, the burn rate recently witnessed a 395.43% spike in burn
rate. Hey, #SHIBARMY! While everyone is focused on approved or not,
hacked or not, we remained focused on creating what we said we
would: A Network State. Since I’m hearing a lot of Web 3 but not
enough WEB, let’s talk about #SHIB NAME TOKENS. 1/ — Shytoshi
Kusama™ (@ShytoshiKusama) January 9, 2024 Featured image from
iStock
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