Shiba Inu Whales Accumulate 2.39 Trillion SHIB Tokens Amidst Downtrend

Shiba Inu Whales Accumulate 2.39 Trillion SHIB Tokens Amidst Downtrend

The price of Shiba Inu (SHIB) has been steadily declining since the beginning of the month, experiencing a dip of up to 20% from the yearly open. As of January 8th, SHIB reached a low of $0.000008735. Although there has been a 15% recovery since then, with the current price at $0.000009763, the overall trend still reflects a decline. In the past 24 hours, SHIB has seen a 3.3% decrease in price.

Despite the downtrend, there are Shiba Inu whales who have been taking advantage of the lower prices by accumulating a significant amount of SHIB. On-chain data reveals that these whales have collectively amassed a staggering 2.39 trillion SHIB tokens, equivalent to $24.15 million. These tokens have been promptly transferred to cold storage, which refers to digital wallets that are not owned by crypto exchanges. By storing their SHIB in cold storage, the whales demonstrate their intention to hold onto the tokens for the long term.

The Shiba Inu ecosystem is home to numerous whale investors, and transactions among them are not uncommon. Lookonchain, an on-chain transaction tracker, reported several massive SHIB transfers from crypto exchange Binance to four whale addresses in the last 30 days. One recent transaction involved the movement of 136.86 billion SHIB tokens, valued at $1.38 million at the time of transfer, to a newly created wallet. Notably, this transaction represented the smallest accumulation among the four whales. The other three transactions were substantially larger. One of them involved TRON founder Justin Sun, who accumulated 577 billion SHIB, worth $5.82 million, from Binance. The third exit from Binance went to address 0xa656, which received 237.87 billion SHIB totaling $2.4 million. The most significant accumulation, however, came from address 0xF633, which accumulated 1.44 trillion SHIB, valued at $14.54 million, from both Binance and Gateio.

According to data from IntoTheBlock, large SHIB holders currently possess 78% of the total circulating supply. This indicates that a significant portion of the SHIB market can potentially be influenced by these large holders, allowing them to manipulate the price. Nevertheless, the substantial accumulation of SHIB tokens by whales suggests that they remain confident in the token’s long-term prospects, despite recent market volatility.

Shytoshi Kusama, the lead developer of Shiba Inu, recently urged the growing SHIB community to remain steadfast. In a social media post, Kusama emphasized the importance of staying focused on the project’s original goals and the introduction of Shib name tokens. This call for steadfastness comes at a time when the SHIB burn rate has seen a significant spike, indicating increased efforts to boost the price of SHIB. The burn tracker reveals a recent upsurge of 395.43% in the burn rate, meaning that SHIB tokens are being intentionally destroyed to reduce the total supply and potentially increase the token’s value.

Despite the ongoing downtrend of Shiba Inu, whales have seized the opportunity to accumulate a substantial amount of SHIB tokens. The long-term vision of these whales, as demonstrated by their decision to store the tokens in cold storage, instills confidence in the token’s value. However, it is crucial to acknowledge the influence large holders may have on the SHIB market and the importance of remaining steadfast to the original goals of the Shiba Inu project. As always, investors are advised to conduct thorough research and exercise caution when making investment decisions.

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