A mysterious entity made a staggering transfer of 1.25 trillion Shiba Inu (SHIB) tokens. This move came when SHIB’s value skyrocketed by over 300% in just a week. Shiba Inu has recently emerged as one of the top-performing cryptocurrencies in the market. It boasted an impressive 52% increase in the past 24 hours alone.
Two key factors fueled the wider crypto market rally. The first was the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States. The second factor was the upcoming halving event for Shiba Inu itself. This event is expected to reduce the supply of new SHIB tokens.
On-chain data analysis revealed that the massive whale transactions originated from Cumberland. Cumberland is a prominent crypto trading firm. The 1.25 trillion SHIB tokens landed in a wallet linked to Robinhood. The popular blockchain tracker Whale Alert first spotted this.
While the specific individual or organization behind the transfer remains mysterious, Cumberland’s involvement hints at the possibility of facilitating the transaction for a high-profile institutional investor. The recipient wallet now holds the transferred SHIB as its most valuable asset. The SHIB holding is worth over $345 million of its total $435 million crypto portfolio. Chainlink (LINK) and Aave (AAVE) round out the top three holdings in this whale wallet.
Shiba Inu’s Surge: Whale Shifts from $PEPE to SHIB
Shiba Inu’s recent surge in value and interest coincides with a major milestone for Shibarium. Shibarium is the Shiba Inu ecosystem’s layer-2 scaling solution. It has now surpassed 3.5 million blocks and is nearing 400 million transactions. Additionally, Shibarium has over 1.35 million wallet addresses, demonstrating growing adoption. Shibariumscan data shows that Shibarium hit the 300 million transaction mark in January of this year.
Notably, SHIB recently witnessed a cryptocurrency whale shift their portfolio from a popular meme-inspired cryptocurrency. This memecoin, called $PEPE, had risen over 900% in value over the past year. On-chain data analysis firm Lookonchain identified an Ethereum address that profited handsomely from the $PEPE token. The savvy investor booked a $3.49 million gain from $PEPE. They then diversified their holdings by depositing nearly 2 trillion PEPE tokens onto Binance. These tokens were worth over $6 million at the time of the deposit.
Among the investor’s new allocations was a significant purchase of 75.9 billion Shiba Inu tokens, valued at approximately $893,000. This strategic move suggests that the whale believes SHIB may offer more significant upside potential than the $PEPE memecoin they had previously invested in.
Related Reading | Bitcoin Weekend Trading Decline: Institutional Impact & Liquidity Challenges
Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.
Comments (No)