A substantial amount of Shiba Inu tokens, totaling over 237 billion, have been acquired by a new whale address as the cryptocurrency experiences a resurgence of interest. Deep-pocketed investors are accumulating more tokens in anticipation of a significant price surge, driven by recent price movements that indicate growing strength.
The procurement of over 237 billion Shiba Inu tokens by the whale address was confirmed by data from the Ethereum blockchain explorer Etherscan. This transaction took place at 10:31 PM (UTC) yesterday. Interestingly, this was just one of four large accumulations carried out by the whale address within a short span of six minutes. Prior to acquiring the SHIB tokens, the whale address procured 500 ETH worth $1.59 million at 10:26 PM. Two minutes later, it received 101,844 FTX Tokens (FTT) valued at over $160,000.
Following the acquisition of the FTT tokens, the whale address swiftly obtained the Shiba Inu tokens, which were worth an impressive $6.44 million. Subsequently, the address amassed another batch of Ethereum tokens, totaling 1,012 with a value of $3.22 million. These transactions mark the first fund movements of the new whale address, with the tokens being held onto at present. As a result, the portfolio balance of the address now stands at $11.261 million, consisting of Ethereum, Shiba Inu, and FTT.
It is worth noting that Shiba Inu constitutes the largest holding in the whale address’s portfolio, accounting for 57.4% of the total balance, surpassing Ethereum. Further analysis of on-chain data reveals that all the assets were received from a single address, which withdrew the assets from different wallets. The SHIB tokens can be traced back to Binance.
The accumulation of funds and the decision to hold onto them reflect a broader sentiment among Shiba Inu proponents, as optimism continues to grow. Data from CryptoQuant indicates that investors have been withdrawing their Shiba Inu tokens from exchanges, leading to a decrease in exchange reserves, which currently stand at 150.7 trillion SHIB. This trend suggests a decline in selling pressure, as tokens are moved to cold wallets for long-term holding. Notably, this trend coincides with Shiba Inu breaking above a symmetrical triangle that it had been trading within for over a month.
Shiba Inu entered this triangle after dropping from its high of $0.00004567 on March 5. After a month of encountering resistance, the cryptocurrency finally broke above the upper trendline on April 20, accompanied by a bullish 14.43% intraday increase. Currently trading at $0.00002671, SHIB is above the triangle and its 50-day EMA ($0.0000247), indicating bullish momentum in the short term and the potential for an upsurge. Some analysts anticipate that SHIB could reach $0.00003946 during this rally.
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