After a period of 2.6 years of inactivity, an early Shiba Inu whale address has suddenly come back to life and made a significant purchase of over 323 billion SHIB tokens using wrapped Ethereum (WETH) in just three hours.
Spot on Chain, a blockchain surveillance platform, was the first to notice the whale’s recent activities. It is worth noting that this particular address had originally received 167 billion SHIB tokens in April 2021, eight months after the launch of Shiba Inu. These tokens were sent from one of the earliest whales to interact with SHIB during its launch.
Three months after receiving the initial batch of SHIB tokens, the address staked all of them in July 2021. Then, after an additional three months, the tokens were unstaked on October 24, 2021, resulting in an additional 12.9 million SHIB. On the same day, the whale sold off all 167.012 billion tokens.
Following these sell-offs, the whale address went dormant. However, with the bull market gaining momentum, the address has now reawakened. In a span of just three hours, the whale executed an astonishing 156 transactions involving millions to billions of Shiba Inu tokens, from 01:43 to 03:48 UTC.
At the time of Spot on Chain’s report, the whale had acquired 149.3 billion SHIB tokens along with approximately 1,000 wrapped Ethereum (WETH) valued at $3.83 million. Subsequently, the whale continued to purchase more SHIB, eventually accumulating an additional 173 billion tokens.
By the end of this wave of transfers, the address had exchanged 2,188 WETH for 323 billion Shiba Inu tokens, which are currently valued at $8.29 million. As of now, the whale has not distributed or sold any of these tokens, and the SHIB balance in the address stands at 323 billion tokens.
Interestingly, Shiba Inu is the only significant holding in the whale’s portfolio, with other assets being present in negligible quantities. For example, the whale holds only 0.4 Ethereum (ETH) worth $1,587 and 8,433 Cellframe (CELL) tokens valued at $5,611.
It remains to be seen whether the whale will repeat the same trading strategy as in 2021, where the Shiba Inu tokens were staked for three months before being unstaked and sold. In the previous instance, the whale acquired 167 billion tokens at a price of $604,540 and sold them for $5.6 million in October 2021, during Shiba Inu’s historic rally. This smart move resulted in a profit of $5 million in just three months. It is possible that the whale will hold onto the recently acquired 323 billion tokens until the market experiences a resurgence.
Meanwhile, Shiba Inu has already started its recovery, with an 8% spike in the past 24 hours, bringing its price back to the important $0.00025 level. Currently trading at $0.00002577, SHIB has surpassed the 50-day exponential moving average (EMA), but it will need to establish this level as support in order to maintain these gains.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The views expressed in this article are the author’s personal opinions and do not necessarily reflect the opinions of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not liable for any financial losses incurred.