According to data shared by blockchain sleuth @lookonchain, a new whale wallet has purchased a huge amount of meme coins – 136.86 billion SHIB in total. This quantity of Shiba Inu is valued at approximately 1.38 million dollars.
According to data shared by blockchain sleuth @lookonchain, a new whale wallet has purchased a huge amount of meme coins – 136.86 billion SHIB in total. This quantity of Shiba Inu is valued at approximately 1.38 million dollars.
This is not the only new whale acquiring staggering amounts of SHIB this year. As Guru-Investingreported, a “newborn” cryptocurrency whale amassed a whopping 546 billion SHIB on Binance, the equivalent of nearly $10 million.
Additionally, Tron founder and now owner of Poloniex and Huobi exchanges, Justin Sun, recently bought a massive amount of Shiba Inu on the Binance exchange: half a billion. A member of the Shiba Inu team, @vetkusama, shared two likely reasons why Sun might have done that.
The first was that maybe he wanted to do a personal SHIB burn and transfer those 500 billion SHIB to unusable blockchain addresses. The second was that Sun might be considering bridging the Tron and Shibarium blockchains. However, Justin Sun did not comment on any of the options.
SHIB price removes zero
@lookonchain added that over the past month, the second largest dog-themed cryptocurrency by market capitalization value, SHIB, recorded only a 4.86% increase, while Bitcoin rose 9.78% and the second largest largest, Ethereum, showed 16.09%. raise.
However, over the past 24 hours, the price of Shiba Inu skyrocketed by more than 12%, removing a zero and reaching $0.00001030 level, where it is being negotiated at the time of writing this article.
SHIB’s sudden growth was fueled by the news that the US Securities and Exchange Communism finally gave the green light to spot Bitcoin ETFs. Eleven Wall Street companies applied for it last year, with Ark Invest and BlackRock being the first of them.
As for the price of Bitcoin itself, it jumped 7.75% on Wednesday to briefly reach $47,700. However, this price jump was followed by a 4.43% correction, which saw BTC fall to $45,633. So far, Bitcoin has shown another increase, rising 2.15% to start trading at $46,645.
The next largest cryptocurrency after Bitcoin, Ethereum, has shown much greater upside, rising over 11% and trading at $2,626 at the time of writing.
