The whale accumulation occurs when Shiba Inu has rallied with the rest of the markets, surging by 8% in the past week.
Shiba Inu (SHIB) accumulation remains sustained as evidenced in recent whale transactions, the latest of which saw a new wallet amass up to 3,323,256,285,484 (3.3 trillion) SHIB tokens valued at $30.4M in one massive transaction today. This comes amidst the recent rally embarked on by the asset which has seen it surge by 8.77% in the past week to a current price of $0.000009299.
The transaction, which occurred an hour ago, involved two unidentified newly-activated wallet addresses, according to Whale Alert which first highlighted the development on its Twitter handle. Data from Etherscan reveals that the sending address was used as one of the numerous routing wallets for the movement of funds.
— Whale Alert (@whale_alert) January 12, 2023
The SHIB tokens were, in fact, accumulated by another address between December 24 last year and January 3. The original address then routed it through three different newly-activated addresses from January 5 to the final recipient wallet. The recipient wallet is now left with a balance of $30.4M worth of SHIB, making it the 28th largest SHIB holder as of press time.
SHIB Whale Accumulation Persists
Little is known of the purpose behind the fund’s movement. Still, the latest development is part of a pattern of recent accumulation moves embarked on by deep-pocketed SHIB investors, most of which have been highlighted by The Crypto Basic.
Last month, the seventh biggest SHIB whale at the time was reported to have added up to 198.4B SHIB to their bag. A few days before this transaction, a new whale accumulated 2.6 trillion SHIB at a time when the asset was trading on bearish grounds. WhaleStats recently revealed that the top 500 Ethereum whales are holding $54.1M worth of SHIB, representing 2% of their cumulative balance.
Other SHIB Developments
This whale accumulation spree has picked up amid several promising developments surrounding the project. As previously reported, CoinGate recently partnered with Wix to enable merchants to accept Shiba Inu payments. In addition, one of India’s largest exchanges, WazirX recent PoR disclosure revealed that it holds more SHIB than any other asset on its reserves.
Moreover, Shiba Inu recently partnered with baggage and business accessories brand Bugatti Group to launch a collection of NFTs and physical items. The disclosure came shortly after the Shiba Inu team teased the partnership on Twitter.