Spot On Chain’s recent findings highlight the activity in the Shiba Inu (SHIB) token market as early investors once again purchase large amounts of SHIB. The sudden influx of close to a trillion SHIB into old wallets has sparked speculation that the Shiba Inu token price could rise like the 2021 bull run.
Thus, one early buyer, a whale, reportedly spent 1,000 WETH (worth about $3.83 million) to purchase 149.3 billion SHIB. The tokens were deposited from a wallet that acquired 5.16 trillion SHIB for just 45 ETH in March 2021. The buyer still has 1,169 WETH, worth about $4.45 million, which can be used to purchase more SHIB as suggested.
An early buyer entity that made $145M in profits from $SHIB is back buying the token 2 years later! In the last 5 hours, the entity exchanged $4,849 in WETH ($18.5M) for $715.8B in SHIB, a 4.6% price increase. The entity still holds $9,207 in 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 returned to the market after two years. In the past few hours, the entity purchased 4,849 WETH for 715.8 billion SHIB, driving the price of SHIB higher. Since the entity still holds 9,207 ETH and WETH, worth about $34.9 million, it is likely that the entity will continue to accumulate SHIB.
It's 2021 again?
The Shiba Inu token was launched in 2021, peaked at $0.0000857 during the bull run, and is currently trading at $0.0000262. The renewed interest from early investors shows that they believe in the future of SHIB.
SHIB to USD on CoinMarketCap Enthusiasts are watching closely as these early investors make strategic moves in the SHIB market. Large investments and carefully planned acquisitions by what were once super early investors could signal a bullish trend for Shiba Inu, similar to the gains seen in 2021.
However, whether this is a sign that they expect a real bull run to arrive or remains just speculation remains to be seen.
