In a surprising move that has caught the attention of the cryptocurrency community, a dormant Shiba Inu whale has awakened after several years of inactivity to purchase a staggering 323 billion SHIB tokens, valued at $8 million.
This acquisition highlights the renewed investor interest and confidence in the memecoin amid favorable market conditions. Also, it represents the first activity from the whale wallet since 2021, which happened when SHIB was trading at $0.000025.
Shiba Inu Whale Stack Up Holdings
The development was reported by popular on-chain tracker Spot On Chain on the X (formerly Twitter) platform. According to data from Etherscan, this recent acquisition was executed in 156 distinct large transactions.
At the time of the initial report, the buyer had exchanged about 1,000 Wrapped Ethereum (WETH), estimated at $3.83 million, for 149.3 billion SHIB in the last hour. However, the whale address continued its buying frenzy acquiring an additional 173 billion SHIB, bringing the total tokens to 323 billion SHIB. In under three hours, the address exchanged 2,188 WETH for 323 billion Shiba Inu tokens, valued at $8.29 million, before the end of the 156 transfers.
Spot On Chain also noted that the last Shiba Inu transaction carried out by the whale 3 years ago before going dormant was selling over 167 billion SHIB, valued at $6.13 million at the time. Specifically, these coins were acquired from a super early purchaser seen buying 5.16 trillion SHIB for just 45 Ethereum (ETH) worth $63,700 in 2021. A few months later after obtaining the 167 billion SHIB in that same year, the address staked every token. Furthermore, 3 months later, on October 24, 2021, the buyer unstacked the tokens and earned an extra 12.9 million SHIB. However, on the same day, the whale went on to sell off every one of the 167 billion Shiba Inu tokens.
Although there are no further activities from the whale regarding the recently acquired SHIB, Spot On Chain has highlighted that the buyer might move on to purchase more SHIB, as his wallet still holds a whopping 1,169 WETH, worth approximately $4.45 million.
Given the renewed optimism surrounding the meme coin sector, the buyer must have returned to acquire this massive amount of SHIB. Over the past week, the meme coin sector has garnered significant adoption and interest from crypto investors and even top figures in the music and entertainment industry.
SHIB Whales On A Buying Spree
It is important to note that SHIB whales have been on a buying spree for a while now. Last month, crypto analytics platform IntoTheBlock, revealed that Shiba Inu whales have been steadily gathering SHIB, indicating a high level of confidence in SHIB’s long-term prospects.
Due to this, the crypto asset became one of the most traded coins by whales within the month, having amassed around 30 trillion SHIB through large whale transactions.
Featured image from iStock, chart from Tradingview.com
