‘Dogecoin Killer' Shiba Inu (CRYPTO: SHIB) is cheering the significant whale movements in the meme coin leading to an upbeat momentum in Shibarium statistics.
What Happened: Lookonchain data revealed that a major Shiba Inu investor spending 4,849 Ethereum (CRYPTO: ETH), equivalent to $18.44 million, to acquire 715.9 billion SHIB over the past day. The "SHIB Super Big Winner" is known for previously turning a $400,000 investment into approximately $121 million by buying 5.5 trillion SHIB early and selling at two peaks. The recent purchase indicates continued confidence in the meme cryptocurrency.
Meanwhile, another trader revealed by Spot On Chain is an early buyer-linked whale who swapped 1,000 WETH, worth $3.8 million, for 149.3 SHIB. This whale was dormant for three years when they last sold 167 billion SHIB, worth $6.1 million.
Why It Matters: Major whales’ substantial investments in Shiba Inu highlight the ongoing interest and potential in meme coins. Such large transactions often influence market sentiment and can lead to increased trading activity.
Shibariumscan data highlighted an increase in active accounts from 616 on June 3 to 1,859 to June 4. New accounts skyrocketed from 30 to 1,031 within the same timeframe. New transactions surged from 4,751 to 8,527, while new contracts increased from 7 to 11. IntoTheBlock data noted a 98.7% increase in Shiba Inu’s large transaction volume, with transactions greater than $100,000 more than doubling from 156 transactions to 356 transactions.
Price Action: In the past 24 hours, SHIB is trading 8% higher at $0.00002575.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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