Shiba Inu (SHIB) Whales Dramatically Increase Their Holdings by 600%, Signaling Growing Confidence in the Meme-Based Cryptocurrency

Reports have revealed that Shiba Inu (SHIB) whales have dramatically increased their holdings by a whopping 600%, signaling growing confidence in the popular meme-based cryptocurrency.

Shiba Inu (SHIB) whales have reportedly increased their holdings by a staggering 600%, showcasing growing confidence in the meme-based cryptocurrency.

In just a single day, these whales, defined as entities holding at least 100 million SHIB, dramatically increased their holdings by approximately 596%, according to IntoTheBlock’s data. On August 12, the total net flow of large-scale SHIB holders surged from 27.06 billion SHIB to 161.15 billion SHIB.

The precise reason for this aggressive token accumulation is yet to be fully understood. However, the slight stabilization of Shiba Inu's price fundamentals may have contributed to a positive shift in investors' sentiment towards the cryptocurrency.

Earlier in January 2024, large-scale holder net flow had surged as high as 4.51 trillion. But as the months passed, whales offloaded significant amounts of SHIB tokens as the market showed signs of bearishness.

This renewed influx of whale activity is particularly noteworthy as Shiba Inu aims to recover from previous price declines. The increase in whale holdings also follows an announcement by Shiba Inu lead developer Shytoshi Kusama regarding the impending launch of a potentially bullish project within the Shiba Inu ecosystem.

Highlighting Kusama's announcement, crypto analyst Oscar Ramos expressed optimism about Shiba Inu's future price outlook.

In a post on X (formerly Twitter), Ramos stated that he believes Shiba Inu is heading towards the biggest coin breakout that it has ever seen, largely due to the ongoing developments and upcoming projects within the ecosystem, which are acting as bullish catalysts for the cryptocurrency's price increase. Additionally, Ramos described Shiba Inu as a blue-chip cryptocurrency that has shown immense productivity and growth recently.

At the time of writing, the price of Shiba Inu is trading at $0.0000136, showing a 1.47% decrease in the last 24 hours after gaining 2.20% over the past week, according to CoinMarketCap.

Meanwhile, on-chain analytics platform Arkham Intelligence has detected a massive SHIB transaction executed by an anonymous whale. According to Arkham's reports, an unknown Shiba Inu whale withdrew a whopping 165.37 billion SHIB tokens from Coinbase, the largest crypto exchange in the United States.

Arkham Intelligence has disclosed that, in the last six days, the anonymous whale has executed three large-scale transactions that amounted to 165.37 billion SHIB. The total value of the SHIB withdrawal was estimated to be around $2.25 million.

In the first transaction, 32.537 billion SHIB, valued at $466,250, was withdrawn from Coinbase. The second transaction saw a withdrawal of 35.80 billion SHIB, valued at over $480,530. The final and largest transaction involved the withdrawal of 97.027 billion SHIB, valued at over $1.33 million.

These recent developments paint a dynamic picture of the Shiba Inu landscape, with whales increasing their holdings and significant sums being moved within the ecosystem.

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