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Mysterious Shiba Inu Whale Adds $8.6 Million in SHIB to Portfolio Amid Price Dip

source-logo  u.today 20 March 2024 16:35, UTC

In a significant development for the Shiba Inu token market, data from Arkham Intelligence has unveiled the emergence of a mysterious new investor. Today, an undisclosed entity made a substantial purchase, acquiring 332.665 billion SHIB tokens, totaling approximately $8.62 million at the current token price of $0.0000257.

The transaction, attributed to the address "0x7976," unfolded over the course of the last five hours in two sizable tranches. The first one, containing 320.99 billion SHIB, originated from another anonymous address, "0x1de7," which is now empty of Shiba Inu tokens. Following this, a secondary transfer of 11.676 billion SHIB, valued at nearly $300,000, was made from European exchange Bitvavo.


Shiba Inu price scores rebound

This development comes amid a rebound in the price of Shiba Inu, which saw a modest 2.5% increase today following a recent 20% decline. Since March 5, the token has experienced a significant downturn, plummeting by 48.3% from its peak of $0.00004567, despite a notable surge in late February.


The appearance of this mysterious investor raises questions about their motivations and the potential impact on the SHIB market. Was this purchase timed to take advantage of the recent SHIB price dip, or does it signal the entry of a new participant into the Shiba Inu token? Should we expect more such new large Shiba Inu addresses to emerge out of nowhere?

As SHIB holders await further developments, attention is focused on monitoring the SHIB price chart and on-chain data to gain insight into what lies ahead for the popular meme-inspired cryptocurrency.