Big news! Whales hoarded billions of Shiba Inu coins for $18 million!
Amid the ongoing memecoin craze, a large cryptocurrency investor recently began accumulating Shiba Inu ($SHIB), pouring millions of dollars into the meme-inspired cryptocurrency and amassing billions of tokens.
This is according to data from the on-chain analytics service Lookonchain, which notes that a successful SHIB investor who has made more than $120 million from the meme-inspired cryptocurrency in the past has now spent 4,849 ETH, worth $18.44 million, to buy 715.9 billion SHIB.
According to the service, the trader spent $400,000 in the past to buy 5.5 trillion SHIB, which he subsequently sold for about $121 million during two peaks.
This buying spree was not a one-off act. The whale strategically executed a series of purchases, first buying 149.3 billion SHIB for $3.83 million, and then quickly buying 173 billion SHIB. In three hours, the entity purchased a total of 323 billion SHIB tokens, spending another $8.29 million.
In addition to the whale’s actions, the Shiba Inu ecosystem itself has also witnessed significant developments, which may have driven the token’s recent price increase. Second-layer scaling solution Shibarium has made significant progress this year, enhancing the network’s ability to efficiently handle a large number of transactions.
In addition, the Shibdentity initiative is expected to usher in a new era of digital identity, while the recently launched Sheboshis NFT series, which features 20,000 digital avatars on the Ethereum blockchain, adds another layer of meaning to the Shiba Inu world.
To further enhance the ecosystem’s prospects, Shiba Inu has received $12 million in funding from heavyweights such as Polygon Ventures, Mechanism Capital, and Animoca Brands, specifically for the development of a privacy-focused Layer-3 blockchain. The integration of Shibaswap decentralized exchange with Shibarium marks another step towards a stronger and more comprehensive ecosystem.
These developments reportedly helped SHIB briefly surpass Cardano to become a top 10 cryptocurrency by market cap.
If you are still confused in the cryptocurrency circle, click on the avatar to follow Youyou and share the latest news every day
