New Whale Acumulates 4.41 Trillion SHIB Tokens Amid Price Surge
A newly emerged whale has accumulated up to 4.41 trillion Shiba Inu coins through a single transaction. According to the current prices in the crypto market, the SHIB tokens are worth over $40 million.
A New SHIB Emerges with Massive AccumulationData from Etherscan.io revealed the activity of the new Shiba Inu whale and the massive token accumulation. According to the details, the transaction occurred on August 6 at 04:08:11 PM.
Following the number of SHIB tokens, the whale is now in the 27th position in the ranking of the largest SHIB holders. The prominent crypto whale tracking firm Whale Alert first provided the details of the new development from the whale.
- Whale Alert (@whale_alert) August 6, 2023
The new SHIB whale emerged following a recent impressive performance from Shiba Inu. The second-largest meme coin by market cap hit a milestone by recording up to a 20% price increase over the past weekend.
On August 4, SHIB broke across its consolidation phase to delete one zero in its price range.It maintained the upward trend through the weekend to record a four-month high after hitting the $0.00001 resistance level.
According to data from the on-chain analytics platform Santiment, Shiba Inu scaled above 51% in its price action over the past 30 days. Also, its trading volume witnessed a massive spike as it reached a new 6-month high.
Further, Santiment highlighted a significant drop of 8.29% in the supply of SHIB coins on exchanges. This marked the lowest value for the meme coin since April 2021.
The decline in the exchanges' supply reflects strong resilience from long-term holders of Shiba Inu as they move their tokens out of exchanges. This supporting action strengthens the bullish sentiment in SHIB and its price trend.
On August 4, the world's leading crypto exchange Binance provided new utility for Shiba Inu. The exchange opened the door for SHIB holders to access its flexible loan products by using SHIB as a collateral token.
According to the announcement, Shiba Inu is among the listed tokens for users to collateralize in Binance's Simple Earn Flexible Products application for borrowing other crypto assets.
Additionally, the Shiba Inu development team has introduced Self-Sovereign Identity (SSI) tech on all projects within the ecosystem. The new ID tech will be part of Shibarium, the protocol's layer 2 solution slated to kick off later this August.
Shibarium SSI will allow users to control personal data. Also, it will enhance the security of clients' information while engaging on different websites and apps online.
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