A brand-new whale scooped up over $40 million worth of Shiba Inu (SHIB) in a single transaction.
Etherscan.io data has unveiled the emergence of a new SHIB whale. This individual has accumulated 4,412,252,578,938 (4.41 trillion) SHIB, valued at $40,416,233 ($40.41 million). The massive accumulation was executed in a single transaction approximately 16 hours ago, from the press time.
The sheer size of this SHIB accumulation has catapulted the whale to the 27th position on the list of biggest SHIB holders.
Whale Alert, a leading cryptocurrency whale-tracking platform, was the first to draw attention to this development.
— Whale Alert (@whale_alert) August 6, 2023
The rise of this new whale comes at a time Shiba Inu surprised investors with its exceptional performance. SHIB witnessed a phenomenal 20% price surge over the weekend after breaking out of a consolidation phase on Aug. 4. The bullish momentum continued as SHIB surged around the psychological resistance level of $0.00001, reaching a four-month high price.
The price of SHIB has soared by over 51% in the past month, and the trading volume has reached a new six-month high, as reported by a leading market intelligence firm, Santiment.
Moreover, the rally appears to have strong support, as many SHIB holders chose to maintain their diamond hands, refraining from moving their tokens to exchange platforms for selling.
Santiment, in its analysis, noted that several indicators point to the rally’s continuation, particularly the significant trading volume supporting the price surge. It seems that the holders are firmly backing SHIB’s upward momentum.
😸 #ShibaInu has jumped another +15% in the past 24 hours alone, and a few indicators support the rally continuing. Trading volume is supporting the pump in a big way, & it doesn't look like there are many #hodlers moving their $SHIB to exchanges to sell. https://t.co/g9ECBIgK3N pic.twitter.com/G2vtYpEMIh
— Santiment (@santimentfeed) August 6, 2023
Last week, the Shiba Inu Ecosystem revealed its plans to integrate Self-Sovereign Identity (SSI) across all apps within its platform. This integration will be an integral part of Shibarium, the long-anticipated Layer-2 scalability solution slated to launch later this month.
Furthermore, Shiba Inu’s utility received a significant boost as Binance, the world’s largest crypto exchange platform, announced that SHIB holders could now use the token as collateral for its flexible Loan product.