SHIB Whales Increase Holdings By Almost 600% As Lead Developer Announces Imminent Release Of Bullish Project

Reports have revealed that Shiba Inu (SHIB) whales have dramatically increased their holdings by a whopping 600%. This massive SHIB accumulation

Shiba Inu (SHIB) whales are making waves once again with their dramatic token accumulation. As revealed by IntoTheBlock’s data, on August 12, the total net flow of large scale SHIB holders increased significantly, surging from 27.06 billion SHIB to a staggering 161.15 billion SHIB. This marks an almost 600% increase in whale holdings.

The reason behind this aggressive token accumulation by Shiba Inu whales is not immediately clear. However, the slight stabilization of SHIB’s price fundamentals may have contributed to a positive shift in investors’ sentiment towards the popular meme-based cryptocurrency.

Earlier in January 2024, large scale holder net flow had surged as high as 4.51 trillion SHIB. As the months went by, whales were observed to be offloading significant amounts of SHIB tokens, especially during periods of bearishness in the market.

Now, as Shiba Inu aims to recover from previous price declines, this renewed influx of whale activity is bound to attract attention. Moreover, the increase in whale holdings also follows Shiba Inu lead developer Shytoshi Kusama’s recent announcement about an upcoming project in the Shiba Inu ecosystem that is said to be bullish for SHIB.

Highlighting Kusama’s announcement and expressing optimism about Shiba Inu’s future price outlook, crypto analyst Oscar Ramos took to X (formerly Twitter) to share his thoughts.

"Shiba Inu is heading towards the biggest coin breakout it has ever seen. I believe that this is the biggest build-up we have ever seen in crypto and it will be massive for SHIB.”

"Shiba Inu is a blue chip cryptocurrency that has been showing the biggest productivity and growth lately. Get ready for big things."

At the time of writing, the price of Shiba Inu is trading at $0.0000136, showing a 1.47% decrease in the last 24 hours and a 2.20% gain over the past week, according to CoinMarketCap.

Shiba Inu Whale Drains $2.2 Million Worth Of SHIB From Coinbase

On-chain analytics platform Arkham Intelligence has uncovered a massive SHIB transaction executed by an anonymous whale. According to Arkham’s reports, an unknown Shiba Inu whale withdrew a total of 165.37 billion SHIB tokens from Coinbase, the largest cryptocurrency exchange in the United States (US).

"A total of 165.37 billion SHIB ($2.25 million) were moved by an unknown Shiba Inu whale in three large-scale transactions over the last six days, being drained from Coinbase.”

Arkham Intelligence also disclosed that in the last six days, the anonymous whale executed three large scale transactions, which amounted to the 165.37 billion SHIB. The total value of the SHIB withdrawal was estimated at around $2.25 million.

In the first transaction, 32.537 billion SHIB, valued at $466,250 were withdrawn from Coinbase. The second transaction saw a withdrawal of 35.80 billion SHIB, worth over $480,530. The final and largest transaction involved the withdrawal of 97.027 billion SHIB, valued at over $1.33 million withdrawn from the exchange.

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