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HomeCrypto NewsMarketNew Shiba Inu Whale Stacks Up 4.6T SHIB Amid Price Drawdown

New Shiba Inu Whale Stacks Up 4.6T SHIB Amid Price Drawdown

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A recently activated Shiba Inu (SHIB) whale with no prior transaction record has stacked up 4,607,030,677,374 (4.6 trillion) SHIB tokens amid the prevalent price decline.

This move demonstrates the allure of SHIB at this time when its price is trading at a visible discount. In dollar terms, the total SHIB accumulated is worth $31,387,700, according to data from crypto analytics service provider Whale Alert.

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Maxing Out the Shiba Inu Discount

It is not uncommon to find market whales buying a token after its price is sufficiently lowered. From records, such related SHIB buy-ups have become prevalent. Notably, another top whale stacked up 1.5 trillion SHIB tokens valued at $10.02 million in July.

An intriguing twist to the earlier accumulation is not just the cleverness to take advantage of falling prices at the time but that this whale has been active for some time and had transferred a total of 20 trillion SHIB tokens worth $176.80 million, as reported at the time.

While the purpose of some of these SHIB transfers remains unknown, the emergence of Shibarium has introduced a new possibility. New use cases keep emerging for whales to put their funds to work. These new use cases might also explain why some dormant SHIB addresses are waking up now.

Whale Actions Goes Beyond SHIB

While the whale actions around the Shiba Inu protocol are profound, this trend is not peculiar to the token. Other digital assets, especially Bitcoin (BTC) and XRP, have also witnessed massive whale accumulations and a recent resurgence of dormant whale addresses.

With the general market outlook gloomy at this time, many are convinced we might see more whales taking advantage of the lower prices.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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