Is this bullish for Shiba Inu? Super early whales reemerge, with nearly one trillion $SHIB buy
Spot On Chain's recent findings highlight significant activity on the #ShibaInu: (SHIB) token market, as early investors acquired a substantial amount of SHIB again. This sudden influx into old wallets, nearing one trillion SHIB, raised speculation about a potential pump in the Shiba Inu token price similar to the 2021 bull run.
Thus, it is reported that one early buyer whale spent 1,000 WETH, worth about $3.83 million, for 149.3 billion SHIB. These #tokens were deposited from a wallet, which got 5.16 trillion SHIB for just 45 ETH in March 2021. The buyer still has 1,169 WETH, worth about $4.45 million, which could be used for more SHIB purchases, as suggested.
In the past 5 hours, the entity swapped 4,849 WETH ($18.5M) for 715.8B $SHIB, pumping the price by 4.6%.
The entity still holds 9,207 $ETH and $WETH ($34.9M) and may continue to buy more! pic.twitter.com/KwjVJ8KLs5
— Spot On Chain (@spotonchain) June 5, 2024
Another early buyer has returned to the market after a two-year absence. Over the past few hours, this entity bought 4,849 WETH for 715.8 billion SHIB, impacting the increase of the price of SHIB. With 9,207 ETH and #WETH , worth approximately $34.9 million, still in possession, this entity may continue to accumulate SHIB too.
2021 again?
The Shiba Inu token, introduced in 2021 and reaching a peak price of $0.0000857 during the bull market, is currently trading at $0.0000262. The renewed interest from early investors suggests they believe in SHIB's future.
SHIB to USD by #CoinMarketCap
As these early investors make strategic moves on the SHIB market, enthusiasts watch closely. Substantial investments and calculated acquisitions by once super early investors could signal a bullish trend for Shiba Inu, similar to the gains seen in 2021.
However, whether this indicates anticipation of a real bull market on their side or remains speculation is yet to be seen.