An Ethereum whale has doubled down on Shiba Inu with a 606.36 billion buy that comes at a time of increased SHIB-focused whale activity.
As the cryptocurrency market battles its way out of a downtrend, whale activity on the popular Shiba Inu (SHIB) cryptocurrency is on the rise.
One of the notable transactions in recent times is a large 606.36 billion SHIB (approximately $5.9 million) accumulation by an Ethereum address that first bought Shiba Inu two years ago.
As on-chain data reveals, the latest acquisition makes SHIB the largest holding on the address. The whale now holds 733.2 billion SHIB (approximately $6.79 million) and has largely focused on acquiring SHIB, with minimal selling in the past two years.
Although there is no clear way to identify the entity behind the address, further investigation reveals some interesting data. The wallet regularly moves a portion of SHIB to another address that now holds over 1 trillion SHIB tokens ($9.2 million).
Additionally, the address may be tied to a retail investor or a high-profile fund that invests in SHIB. During its early interactions with Shiba Inu, the address received 36 billion tokens from a prominent crypto exchange, Coinbase.
SHIB Whale Activity On The Rise
The recent large Shiba Inu accumulation follows a trend of increased whale activity. Data tracker IntoTheBlock shows that whales have moved over $158 million worth of SHIB tokens in the past seven days.
An increase in whale activity dominated by large buys typically indicates that prices have dropped to a region where large investors consider it necessary to increase their exposure to an asset.
As previously reported by The Crypto Basic, whale activity on SHIB surged after the cryptocurrency dropped below the $0.000010 support level, which it held for a considerable period.
Shiba Inu is trading at $0.00000927, representing a 4% decline in the past week. The bearish price action mirrors the performance of the broader cryptocurrency market as investors contend with a post-ETF sell-off led by GBTC holders.