Ethereum Whale Accumulates Shiba Inu In Billions – What Does it Mean For the Token?

Shiba Inu has recently recorded an increased buying spree through the activities of some crypto whales. An Ethereum address has scaled up its portfolio by purchasing over 606 billion SHIB tokens in a series of transactions.

The whale's accumulation is coming amid the downtrend in the broader crypto market.

Ethereum Whale Makes A Massive Move On Shiba Inu

According to data from Etherscan, an Ethereum address purchased a staggering 606.36 billion SHIB coins recently.The Ethereum whale resurfaced after being dormant for a long time.

Notably, the address's first purchase of Shiba Inu dates back to two years ago, when it acquired 200 billion SHIB coins.

By reappearing now with a massive accumulation, the whale has attracted the attention of both SHIB fans and traders. The whale's data revealed it completed the purchases through multiple transactions.

In line with the current prices in the market, the SHIB tokens were worth almost $5.9 million.

Following its latest accumulation, the Ethereum address currently holds 733.2 billion SHIB tokens in its portfolio. The total Shiba Inu holding is worth about $6.79 million based on the market price.

Further, the recent purchase has placed SHIB as the second-largest holding in the whale's address.

Meanwhile, Ethereum (ETH) maintains the top position in the total holdings.

The surprising aspect is that the whale has engaged in minimal sales of the meme coin over the past two years. To date, the address remains anonymous without any clue to show the identity of the entity running it.

However, in-depth investigations show some unique patterns in its portfolio. The whale transferred a certain amount of its SHIB holdings to another address.

The second account now has over 1 trillion SHIB coins worth about $9.2 million. Some speculations indicate a possible connection with a retail investor or high-profile fund focusing on SHIB investment.

In its early record, the address got 36 billion Shiba Inu coins from a top crypto exchange, Coinbase.

Price Decline Sparked The Rising SHIB Whale Activity

Data from the on-chain data tracking firm IntoThe Block revealed a recent growth in SHIB whale activity.The data highlighted that whales seemed to accumulate the token as the price dropped within the past few days.

Further, the data indicated that whales transferred over $158 million worth of SHIB within the past seven days.

The rising whale accumulation could suggest that prices declined to a region they considered favorable for increasing their holdings. For instance, as of 06:05 AM EST today, January 22, SHIB trades at $0.0000091, indicating a 4.28% drop over the past 24 hours.

Also, its seven-day price action showed it plummeted by 6.35%. Moreover, the trade volume dropped by 13.57% to hit $123.15 million.From all indications, the whales buy the dip to accumulate many tokens before another price increase.

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