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This Whale Accumulated $5M Worth of Shiba Inu (SHIB)

1 Mins read

While the price of Shiba Inu (SHIB) has been struggling lately, whales may have been accumulating the meme coin.

The broader altcoin market hit a local top in late December. However, whales with strong convictions utilize the opportunity of dips to accumulate their favorite asset.

Shiba Inu Whale Withdrew Over 546.342 Billion Tokens

According to the on-chain analysis platform Spotonchain, a fresh whale wallet, withdrew over 546.342 billion SHIB tokens. As of writing, the whale’s portfolio is worth over $5 million, consisting entirely of SHIB.

Shiba Inu Whale Portfolio. Source: Spotonchain
Shiba Inu Whale Portfolio. Source: Spotonchain

Moreover, Spotonchain has been tracking five SHIB whales, including the Tron founder – Justin Sun. Spotonchain commented:

“We noticed that over the past 1.5 months, there have been 5 whales (including Justin Sun) withdrawing 2.742T SHIB ($25.2M) at an average price of $0.0₅921 from Binance. Currently, the whales still hold all of their SHIB tokens, now only worth $24.9M.”

Also, the SHIB exchange reserves have been in a downtrend since December 16. On December 16, the exchanges had a reserve of over 166 trillion SHIB tokens. However, as of writing, the reserves have declined by over 4% to 159 trillion.

If the exchange reserves increase, it indicates a high selling pressure. However, a declining reserve points towards the possibility of accumulation. 

Shiba Inu Exchange Reserves. Source: CryptoQuant
Shiba Inu Exchange Reserves. Source: CryptoQuant

The price of SHIB has declined by nearly 30% from the December top. However, the screenshot below shows that SHIB is trading 8.80% higher than Sunday’s low as of writing.

SHIBUSDT, Binance. Source: TradingView
SHIBUSDT, Binance. Source: TradingView

Do you have anything to say about the Shiba Inu whale or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

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