Shiba Inu

SHIB/USD

-7.35%

+ Free Alerts

is trading 5% higher as meme coin market capitalization stands 15.8% higher in the past 24 hours.

The token, nicknamed “Dogecoin Killer,” is seeing a surge in short-term holders and whale transactions.

What Happened: Arkham Intelligence data shows an unknown entity that purchased a whopping 332.665 billion SHIB tokens, worth $8.62 million. The transaction was carried out in two tranches. The first tranche was for 320.99 billion SHIB tokens and the remaining in the second tranche from the crypto exchange, Bitvavo.

At the time of writing, the whale address which holds only the SHIB token is valued at $9.02 million.

The accumulation comes on the heels of Shiba Inu's marketing lead Lucie disclosing a 40 million SHIB token accumulation. The announcement came on X with a post stating, "Bought the Dip. I'm expecting ATH soon before or shortly after BTC halving."