thecryptobasic.com
An early Shiba Inu whale address reawakens after 2.6 years of inactivity, purchasing over 323 billion SHIB with wrapped Ethereum (WETH) in three hours.
Blockchain surveillance platform Spot on Chain first called attention to this whale’s latest activities. Notably, the address initially received 167 billion SHIB in April 2021, eight months after Shiba Inu launched. These tokens were sent from one of the earliest whales that interacted with SHIB upon launch.
An early buyer-linked whale just swapped 1K $WETH ($3.83M) for 149.3 $SHIB in the past hour!
The whale’s last $SHIB activity was selling 167B $SHIB ($6.13M) 3 years ago. These tokens were received from a super early buyer who bought 5.16T $SHIB with only 45 $ETH ($63.7K) on Mar… pic.twitter.com/ZrFkYZwtEB
— Spot On Chain (@spotonchain) June 5, 2024
Three months after receiving the 167 billion SHIB, the address then staked all the tokens in July 2021. After an additional three months, he unstaked the tokens on Oct. 24, 2021, securing an extra 12.9 million SHIB. The whale proceeded to sell off all 167.012 billion tokens on the same day.
Recent Shiba Inu Accumulation
After these selloffs, the whale address went to slumber. Now, with the bull market looking to get into full gear, this address has now reawakened. This time, the whale carried out an astonishing 156 transactions involving millions to billions of Shiba Inu today from 01:43 to 03:48 UTC.
At the time of Spot on Chain’s disclosure, the whale had procured 149.3 billion SHIB with about 1,000 wrapped Ethereum (WETH) valued at $3.83 million. Following the platform’s report, this whale address persisted in the purchasing spree, procuring additional 173 billion SHIB.
By the end of the wave of transfers, the address had swapped 2,188 WETH for 323 billion Shiba Inu tokens worth $8.29 million in three hours. As of press time, the whale has not distributed nor sold any of these tokens, with his SHIB balance currently sitting at 323 billion tokens.
Post-Accumulation Activities
Interestingly, Shiba Inu represents the only significant holding on his portfolio, as other assets are in negligible quantities. For instance, the whale only holds 0.4 Ethereum (ETH) worth $1,587 and 8,433 Cellframe (CELL) valued at $5,611.
It remains to be seen if the whale will repeat the same trading activity from 2021, where he staked the Shiba Inu tokens for 3 months before unstaking and selling them off. Notably, his earlier foray into the Shiba Inu market in 2021 saw him procure the 167 billion tokens at a price of $604,540.
However, he sold them for $5.6 million in October 2021, when Shiba Inu had begun its historic rally. This smart play allowed the whale address to walk off with an impressive $5 million profit in a mere three months. A similar move would see him HODL the recently acquired 323 billion tokens until the market sees a resurgence.
Meanwhile, Shiba Inu is already on a path to recovery, having spiked 8% over the past 24 hours to reclaim the pivotal $0.00025 price territory. Currently changing hands at $0.00002577, SHIB has towered above the 50-day exponential moving average (EMA), but would need to transform this level to support if it wishes to retain these gains.