Shiba Whales Eat The Dip: 2.39 Trillion SHIB Make Their Way To Cold Storage
A fresh whale wallet accumulated 136.86B $SHIB(1.38M)
Shiba whales have been gobbling up the recent dip in with on-chain data showing some accumulating an enormous 2.39 trillion SHIB between them. SHIB’s price has been on a downtrend since the beginning of the month, falling as low as 20% from the yearly open to reach $0.000008735 on January 8th.
Although the crypto has since recover 15% from this low and is now trading at $0.000009763, its price is still showing signs of decline and is currently down by 3.3% in the past 24 hours. Behind the background sits some whales, gobbling up a whopping 2.39 trillion SHIB token worth $24.15 million and sending them straight to cold storage.
Cold storage mostly refers to digital wallets that are not owned by crypto exchanges, making the SHIB stored in them inaccessible for trading or selling. By putting their Shiba into cold storage, these whales show that they plan to HODL for the long term.
Related Reading: Bitcoin Retreats: ETF Dream Fades, Price Tumbles Under $42,000
Whales Accumulate 2.39 Trillion SHIB In A Month
Shiba ecosystem is home to many whale investors, and transactions among these whales are not uncommon. According to on-chain transaction tracker Lookonchain, there have been huge SHIB transfers from crypto exchange Binance into four whale addresses in the past 30 days.
The latest big SHIB whale transaction was one of 136.86 billion SHIB tokens worth $1.38 million at the time of transfer to a newly created wallet. Notably, this was the smallest accumulation from the four whales. The three other whale transactions were of larger proportion, one of which included TRON founder Justin Sun who accumulated 577 billion SHIB worth $5.82 million from Binance.
The third exit from Binance went into address 0xa656, which accumulated 237.87 billion SHIB worth $2.4 million. The largest accumulation came from 0xF633 who accumulated 1.44 trillion SHIB worth $14.54 million from Binance and Gateio.
