Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
According to data shared by blockchain sleuth @lookonchain, a fresh whale wallet has bought a massive lump of meme coins — 136.86 billion SHIB in total. This amount of Shiba Inu is evaluated at approximately $1.38 million.
This is not the only new whale acquiring staggering amounts of SHIB this year. As reported by U.Today, a “newly born” cryptocurrency whale accumulated a whopping 546 billion SHIB on Binance — the equivalent of almost $10 million.
Further, Tron founder and now owner of Poloniex and Huobi exchanges Justin Sun recently bought a massive amount of Shiba Inu on the Binance exchange — half a trillion of it. A member of the Shiba Inu team, @vetkusama, shared two likely reasons why Sun could have done that.
The first one was that he perhaps wanted to conduct a personal SHIB burn and transfer that 500 billion SHIB to unspendable blockchain addresses. The second one was that Sun may be considering setting up a bridge between the Tron and Shibarium blockchains. No statements about either option followed from Justin Sun, though.
Yuri MolchanSHIB price eliminates zero
@lookonchain added that, over the past month, the second largest canine-themed cryptocurrency by market capitalization value, SHIB, staged only a 4.86% increase, while Bitcoin surged by 9.78%, and the second biggest coin, Ethereum, showed a 16.09% rise.
However, during the last 24 hours, the Shiba Inu price skyrocketed by more than 12%, eliminating a zero and reaching the $0.00001030 level, where it is trading at the time of this writing.
SHIB's sudden growth was propelled by the news of the U.S. Securities and Exchange Communism finally giving the green light to spot-based Bitcoin ETFs. Eleven Wall Street companies filed for it last year, with Ark Invest and BlackRock being the earliest of them.
As for the Bitcoin price itself, on Wednesday, it jumped 7.75% to reach $47,700 briefly. However, this price jump was followed by a 4.43% correction, which pushed BTC down to $45,633. By now, Bitcoin has shown another increase, rising 2.15% to start trading at $46,645.
The next largest cryptocurrency after Bitcoin, Ethereum, has demonstrated a much bigger increase, soaring by more than 11% and exchanging hands at $2,626 at the time of this writing.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team