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Shiba In on the Rise: Big Whales, Led By Tron Founder Justin Sun Lock 2.39 Trillion SHIB in Private Wallets.
Major crypto whales have stockpiled Shiba Inu over the past months, setting the stage for an anticipated rally that has ultimately materialized.
According to CoinMarketCap data, Shiba Inu is up by at least 12.63% over the past day from a low of $0.000009264 to a high of $0.00001043. This percentage growth places SHIB among the prime beneficiaries of the unfolding ETF-induced crypto market rallies in the last 24 hours.
Also, CoinMarketCap statistics indicated that Shiba Inu was among the top fifty most traded assets today, with a trading volume exceeding $300 million.
Meanwhile, it appears that crypto whales foresaw the Shiba Inu rally and proactively increased their holdings in anticipation. Well-known crypto on-chain resource Lookonchain called attention to whale accumulations of Shiba Inu in a recent statement on X.
Shiba Inu Whales Accumulated 2.39 Trillion SHIB
Lookonchain uncovered that a new whale took store of 136.86 billion Shiba Inu in the early hours today in two transactions. The major investors acquired the SHIB tokens through Binance, the largest crypto trading platform.
Furthermore, Lookonchain highlighted that before the new whale transaction, three distinct influential crypto investors had stockpiled at least two trillion Shiba Inu from exchanges over the past month.
Leading these influential SHIB transactions were an unidentified whale and the founder of the Tron (TRX) blockchain, Justin Sun.
According to Etherscan data, Justin Sun took store of 577 billion Shiba Inu tokens precisely 23 days ago. Similarly, the tokens came from Binance. At SHIB’s current market value, Sun’s transaction is worth $5,972,918.27.
Three days after the Tron founder’s Shiba Inu transaction, another whale with wallet initials “0xa6561f” took out 237.87 billion SHIB from Binance valued at over $2.46 million.
Meanwhile, on January 8, a wallet with the initials “0xF633Cd” withdrew 1,441,389,691,453 (1.44 trillion) SHIB in five transactions from crypto exchanges Binance and Gate.io. At press time, these transactions are collectively worth $14,918,383.
What Does it Mean?
In essence, these patterns suggest that influential Shiba Inu holders are transferring their assets from exchanges to private wallets, possibly to hold them for the long term.
This shift has traditionally been viewed as a positive sign, as whales typically move their tokens to exchanges when planning to sell them off.
Significantly, on-chain intelligence platforms such as Santiment have revealed that this trend has persisted for at least 100 days.