Shiba Inu Whale Buys 708 Billion SHIB, Sparks Speculation Of Price Recovery
August 25 2023 - 12:00PM
NEWSBTC
The Shiba Inu community is buzzing with excitement after reports
revealed that an anonymous whale had purchased a massive stash of
SHIB tokens from the Gemini exchange in a single transaction.
Mysterious Whale Makes Massive SHIB Purchase A crypto whale has
shocked the SHIB community and crypto space after purchasing 708.41
billion SHIB tokens worth almost $6 million from Gemini, an
American crypto exchange run by the Winklevoss twins. Related
Reading: Shiba Inu Burn Tracker Unveils SHIB Association, What Is
It About? The transaction was picked up by Whale Alert, a prominent
blockchain tracking system that reports when significant amounts of
cryptocurrencies that could influence the market are moved or
traded. According to the report, the whale sent the SHIB they
acquired to a crypto wallet address that had previously remained
dormant until now. The funds were transferred in two separate
transactions to the unknown wallet with the first transaction
carrying 708 billion SHIB, while the second saw 1.2 million SHIB
moved to the wallet address. This is not the first time that whale
activities within the SHIB ecosystem have caught the attention of
market participants, injecting a renewed sense of confidence within
the community as investors prepare for a potential price
recovery. This is because of the likelihood that the recent
massive SHIB purchases are attributed to the new developments
brewing in the SHIB ecosystem. The first is Shiba Inu’s layer 2
scaling solution, Shibarium, expected to launch publicly after
undergoing several successful tests and configurations to improve
its system’s performance. There is also the fact that SHIB burn
rates are on the rise and new developments such as the SHIB
Association, recently launched by a prominent Shiba Inu burn
tracker Shibburn, in an effort to bolster the ecosystem. SHIB price
sees slight recovery | Source: SHIBUSD on Tradingview.com Shiba Inu
Ecosystem Thrives With Innovative Developments While the SHIB
community is still reeling from the whale announcement, reports
have pointed to the Shiba Inu being one of the most active and
trending cryptocurrencies in the crypto space at the moment.
Following the previous launch of the Shibarium mainnet, which is
currently in private beta, the Shiba Inu ecosystem saw massive
adoption and engagement, with over 10 million new wallets
registered on the cryptocurrency platform. Related Reading:
Cathie Wood’s ARK Invest Joins Ethereum Futures ETF Race After Spot
Bitcoin ETF Delay Shytoshi Kusama, Shiba Inu’s Lead Developer, has
also said that the crypto platform is currently initiating the
plans seen in the ShibPaper. Kusama revealed that the ShibPaper
contains all the future projects and strategies Shiba Inu will use
to create a Shiba Inu State populated by “Shibizens”, Shiba Inu
state’s citizens. However, the price of SHIB has not reacted
positively to this news as initially expected. The meme coin is
currently trading at $0.000008062 at the time of this writing, down
3.17% and 4.06% on the daily and weekly charts, respectively.
Featured image from iStock, chart from Tradingview.com
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