Shiba Inu (SHIB) Whale Address Springs Back Into Action, Accumulating 323 Billion SHIB Tokens

A Shiba Inu (SHIB) address that has been dormant for over two and a half years has sprung back into action, making a significant purchase of the meme coin.

A Shiba Inu (SHIB) address that has been lying dormant for over two and a half years has now sprung back into action with a significant purchase of the meme coin, generating interest within the SHIB community and sparking speculation about the investor’s motives.

The activity on the whale’s address was first identified by blockchain surveillance platform Spot on Chain. The address initially received a sizable holding of 167 billion SHIB in April 2021, followed by a period of staking the tokens in July of that same year.

The investor then unstaked the holding in October 2021, securing a small addition of 12.9 million SHIB, before selling the 167 billion token holdings.

Recent Shiba Inu (SHIB) Accumulation

Following this sale, the address remained inactive for an extended period. However, with signs of a looming bull market, the whale address is back.

In a flurry of activity spanning three hours on June 5th, 2024, the address executed a staggering 156 transactions, accumulating 323 billion SHIB.

This buying spree was fueled by the conversion of 2,188 wrapped Ethereum (WETH), approximately $8.29 million at the time.

Investor’s Holdings and Potential Strategies

Intriguingly, SHIB appears to be the dominant holding within the investor’s portfolio. Other holdings are negligible, with just a small amount of Ethereum (0.4 ETH) and 8,433 Cellframe (CELL) tokens present. This focus on SHIB suggests a strong belief in the project’s potential by the investor.

Whether the investor intends to replicate their 2021 trading strategy remains to be seen. In that instance, the investor staked the SHIB tokens for three months before unstaking and selling.

Notably, the 2021 purchase was made at a significantly lower price point of $604,540, compared to the current investment of $8.29 million. However, the sale in October 2021 coincided with the beginning of a significant price rally for SHIB, resulting in a substantial profit of $5 million for the investor.

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The 323 billion SHIB purchase by the re-activated whale address marks the largest single accumulation of the meme coin observed in 2024 thus far. This sizable addition to the investor’s SHIB holdings is bound to have an impact on the token’s price movements in the coming days.

With SHIB rallying over 6% in the past 24 hours and recovering the crucial $0.00025 price level, the token appears to be poised for further gains. However, to sustain this momentum, it will be critical for SHIB to convert the resistance at the 50-day EMA into support.

The re-emergence of this prominent SHIB investor and the sizable purchase has undoubtedly impacted market sentiment. While the investor’s future actions remain uncertain, their renewed interest in SHIB has generated a buzz within the cryptocurrency community.

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