According to U.Today, recent data from Spot On Chain indicates a surge in activity on the Shiba Inu (SHIB) token market. Early investors have reportedly acquired a significant amount of SHIB, with nearly one trillion SHIB flowing into old wallets. This has led to speculation about a potential increase in the Shiba Inu token price, similar to the 2021 bull run.
One early investor, known as a 'whale', reportedly spent 1,000 WETH, equivalent to approximately $3.83 million, to purchase 149.3 billion SHIB. These tokens were transferred from a wallet that had previously acquired 5.16 trillion SHIB for just 45 ETH in March 2021. The investor still holds 1,169 WETH, worth about $4.45 million, which could potentially be used for further SHIB purchases.
Another early investor has re-entered the market after a two-year hiatus. This entity recently bought 4,849 WETH for 715.8 billion SHIB, contributing to a rise in the price of SHIB. With 9,207 ETH and WETH, valued at approximately $34.9 million, still in their possession, this investor may also continue to accumulate SHIB.
The Shiba Inu token, launched in 2021 and peaking at a price of $0.0000857 during the bull market, is currently trading at $0.0000262. The resurgence of interest from early investors suggests confidence in the future of SHIB. However, whether this activity indicates anticipation of a new bull market or is merely speculative remains to be seen. As these early investors make strategic moves on the SHIB market, observers are watching closely. Significant investments and calculated acquisitions by these early investors could signal a bullish trend for Shiba Inu, reminiscent of the gains seen in 2021.