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The Ethereum-based meme coin Shiba Inu (SHIB) is once again a hot topic in the crypto community. Recent developments have revealed significant whale accumulation, sparking speculation and curiosity among crypto enthusiasts. Let’s delve into the details of this noteworthy event and its potential impacts.
Whale Accumulation in Shiba Inu
According to a recent statement by crypto analysis firm Lookonchain, Shiba Inu has experienced a major whale accumulation, catching the attention of the crypto community. Data shared on social media platform X indicates that in less than 48 hours, over 1.44 trillion SHIB worth approximately $13.36 million left exchanges.
The accumulation, marked by split purchases over a period, raises questions about the motivations behind this significant movement. Lookonchain identified an unknown whale address (0xF633Cd…3493Bbac) on the Binance platform that initiated the accumulation. The whale organized the transfer of 400 billion SHIB tokens from Binance to a wallet address. Subsequently, an additional 146,342,102,182.77 SHIB was acquired, and the total amount withdrawn from Binance reached 546,342,102,182.77, amounting to approximately $5.18 million in value.
The whale’s activities extended to the cryptocurrency exchange Gate.io, where the first batch of 32,913,563,627.61 SHIB tokens was accumulated. The most significant accumulation included 499,999,665,444.45 SHIB and was completed with an additional purchase of 362,134,360,200.61 SHIB. The total accumulation now stands at approximately 895,047,589,272.67 SHIB, valued at around $8.5 million. Notably, the same wallet address was associated with withdrawal transactions from both cryptocurrency platforms.
Transaction Numbers on Shibarium: A Worrisome Decline
Shibarium, the Layer-2 Blockchain platform for Shiba Inu, is facing a significant decrease in transaction numbers. Data from Shibariumscan indicates a notable drop in daily transactions, which are currently fixed at 2.73 million.
This represents the lowest number of transactions the network has seen in months, suggesting a potential shift in user confidence and engagement. The decline in daily transactions reflects a decrease in network adoption and points to a change in market dynamics.
Despite the decreasing transaction numbers on Shibarium, the transaction price of SHIB remains at $0.00000948.
