As previously reported by U.Today, the popular meme-inspired cryptocurrency Shiba Inu saw an enormous spike in large transaction volume earlier this week, totaling 9 trillion SHIB. This period was characterized by a roller-coaster of price action for the Shiba Inu token, when its quotes first dropped by almost 30% and then skyrocketed even higher.
The activity among large holders continued when a previously unknown whale attracted attention. Thus, the address "0x4B5" has withdrawn about 220 billion SHIB, which is equivalent to $3.04 million. The accumulation was done in two tranches, with most of the tokens coming 22 hours ago and the rest, specifically 3.55 billion SHIB, coming seven hours later.
Gamza Khanzadaev
As a result, the anonymous entity is already up $114,370 on their Shiba Inu (SHIB) investment. Moreover, according to Arkham Intelligence, the tokens were initially withdrawn from Coinbase Prime Custody, which suggests that some institution or qualified investor stands behind the unknown buyer.
Godfrey Benjamin
Meanwhile, the price of the popular meme-inspired cryptocurrency continues to soar, reaching $0.0000137 at the time of writing, up 2%.
At the very bottom of the recent market shakeout, SHIB hit $0.000011, so we have had a 29% increase in almost three days. And that's aside from the fact that Shiba Inu is already a multi-billion dollar asset. Amazing.
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.
Vladislav Sopov
Dan Burgin