Shiba Inu, one of the top memecoins in the market, has caught investors attention with a price surge of 10% over the last day. This new price hike has signaled a wave of enthusiasm and reignited the bullish sentiment among investors. The price surge comes amid a rise in whale accumulation in the last 24 hours.
Shiba Inu Whale Activity Grows
According to data from Spot on Chain, an AI-driven blockchain insight platform, a genesis Shiba Inu whale has exchanged 1,000 Wrapped Ethereum (WETH) for 149.3 million SHIB (valued at $3.476 million) about 6 hours ago from the time of writing. Per the report, the whales last activity was recorded 3 years ago after he sold 167B SHIB (worth $6.13 million). At the time, the tokens were sent by another early Shiba Inu investor who bought 5.16T SHIB tokens with only 45 ETH ( valued at $63.7K) in March 2021.
An early buyer-linked whale just swapped 1K $WETH ($3.83M) for 149.3 $SHIB in the past hour!The whale’s last $SHIB activity was selling 167B $SHIB ($6.13M) 3 years ago. These tokens were received from a super early buyer who bought 5.16T $SHIB with only 45 $ETH ($63.7K) on Mar… pic.twitter.com/ZrFkYZwtEB
— Spot On Chain (@spotonchain) June 5, 2024
Following this, the aforementioned blockchain transaction tracker recorded another significant whale transaction involving billions of SHIB. An early buyer who had previously made $145 million in profits from trading SHIB, is now re-buying the token after 2 years of inactivity. Spot on Chain added that over the last 5 hours, the whale has accumulated a total of 715.8 billion SHIB after swapping 4,849 WETH (valued at $18.5 million), consequently pushing the price of the token up by 4.6%.
Between February 21 and June 2022, the whale traded 8.29 trillion Shiba Inu tokens. Most of these tokens were bought very early in March 202, about seven months after the official launch of SHIB. The whale went on to sell his holdings during the bull market in October and November 2021, realizing a profit of $145 million, signifying a 5,201% return on investment.
An early buyer entity with $145M profit from $SHIB is re-buying the token after 2 years!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
Global Memecoin Market Rallies
At the time of writing, the general crypto market is experiencing bullish sentiment as the majority of the coins are trading in the green zone. On the memecoin front, the total market cap has jumped by 6.11% over the last 24 hours to $65.5 billion.
Top coins like Dogecoin (DOGE) and Pepe (PEPE) have seen notable gains of 3.72% and 3.20% respectively within the recorded time. Meanwhile, other coins like Dogwifhat (WIF), Floki (FLOKI), and Bonk (BONK) have surged significantly by 10%, 24.6%, and 9% respectively. The total trading volume in this market segment has also spiked by 15% to $8.1 billion, reigniting interest in the highly volatile assets.
Moreover, Shiba Inu (SHIB) is currently up by 10.2%, changing hands at $0.00002613. What is more, its trading volume over the last 24 hours has skyrocketed by 33.5% to $853 million with a live market cap of $15.4 billion. However, it is worth noting that SHIB has traded between the lows and highs of $0.00002369 and $0.00002623 in the last 24 hours, which is still about 69.6% below its all-time high of $0.00008616 reached on October 28, 2021.
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