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Shiba Inu Whales Just Grabbed $100 Million — Is Moonshot Imminent?

Tue, 09/05/2023 - 15:45
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Alex Dovbnya
In past week, large holders of Shiba Inu have amassed roughly $100 million in the cryptocurrency, data from analytics firm IntoTheBlock reveals
Shiba Inu Whales Just Grabbed $100 Million — Is Moonshot Imminent?
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In the past week, large holders of Shiba Inu, commonly known as "whales," have accumulated around $100 million worth of the cryptocurrency, according to analytics firm IntoTheBlock.

Shiba Inu's current price stands at $0.00000759 with a market cap of approximately $4.47 billion, according to data from CoinGecko.

Catalysts on horizon

The attention on Shiba Inu is not entirely surprising; the token's newly launched Shibarium Layer 2 solution has recently surpassed one million transactions and wallets, indicating heightened activity and use case scenarios.

Despite this significant milestone and the massive accumulation by whales, the price of Shiba Inu has yet to move substantially, a reality largely attributed to broader crypto market woes.

SHIB Burn Rate Shows Mysterious Plunge Despite Recent Statements From SHIB Team

However, these two factors — the success of Shibarium and the large-scale buying by significant holders — could prove to be massive catalysts for future price action, capturing the attention of both retail and institutional investors.

Big holders, big risks

Data regarding ownership concentration shows that 11 whales hold a staggering 62.48% of the total SHIB supply, which translates to 613.85 trillion SHIB. On the other side of the spectrum, a broader pool of 48 investors holds about 14.83%, or 145.69 trillion SHIB.

A handful of investors have a significant say in the asset's direction, and it leaves the meme coin vulnerable to massive sell-offs should these whales decide to cash in.

Over the past week, large holder inflow has skyrocketed by 1,512.63%, though it is worth noting that the 30-day change has seen a dip of 10.08%.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at