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Whale Amasses 323B+ Shiba Inu as SHIB Stages Recovery to $0.00001

source-logo  thecryptobasic.com 22 February 2024 11:10, UTC

A new whale address just accumulated over 323 billion Shiba Inu (SHIB) worth $3 million as the crypto asset makes a push toward recovering the $0.00001 price threshold.

Shiba Inu capitalized on the recent market run to reclaim the $0.00001 zone on Feb. 15 for the first time in a month. However, the momentum came to a halt after it retested $0.00001, facing a correction that saw it collapse to a low of $0.00000930 yesterday amid the broader market retracement.

Whale Scoops 323B Shiba Inu

However, while this collapse triggered widespread panic, some investors took to augmenting their holdings in an elaborate buy-the-dip campaign. One of these cases involved the purchase of over 323 billion Shiba Inu tokens spotlighted by on-chain analytics resource Arkham Intelligence.

Notably, the address behind the movement is new, with the SHIB purchase pegged as its first transaction. Data from Etherscan confirms that the wallet procured exactly 323,478,691,679 (323.48 billion) Shiba Inu tokens yesterday at 18:14 (UTC).

The assets were valued at $3.053 million at the time of purchase, with SHIB changing hands at $0.00000944 amid a sustained decline over a one-hour period. Following the transaction, SHIB collapsed further to hit the $0.00000930 low before setting off on a recovery path.

Shiba Inu has now recovered some of the losses of the past two days, currently changing hands at $0.00000962 as it hops on the latest market-wide recovery push. Amid this price jump, the 323.48 billion tokens are now worth $3.11 million, marking an increase of $58,000 in the whale’s holdings.

The Coinbase Connection

Interestingly, the new whale address only holds Shiba Inu, having retained the recently-purchased assets. Arkham Intelligence indicates that the wallet address that sent the funds might be affiliated with Coinbase, the largest exchange in the U.S.

Data from Arkham Intelligence suggests that the sending address is a Coinbase Prime Custody address. Notably, the address first received the Shiba Inu tokens from another Coinbase Prime wallet last month, but retained them until now.

Due to the sending wallet’s affiliation with Coinbase, some market participants speculate that the recipient wallet might actually be another Coinbase wallet, suggesting that the transaction could involve an in-house fund movements by Coinbase Custody.

However, there is limited information as of press time to accurately ascertain the entity behind the recipient wallet and the reason for the transaction. The Crypto Basic has previously called attention to similar price movements in the past, with one involving a whopping 4.2 trillion SHIB last December.

Most of these transfers have occurred when the price of Shiba Inu is pushing to reclaim or retain the $0.00001 territory. SHIB’s latest recovery campaign has seen the cryptocurrency rise 1.15% over the past 24 hours, as it moves to recover $0.00001.