Ethereum-based memecoin Shiba Inu (SHIB) has once again garnered the attention of the crypto community as the altcoin has witnessed a massive whale accumulation leaving the community to ponder on the reason behind the whale accumulation.
Shiba Inu Whale Amassed 1.44 Trillion SHIB
Recent data from crypto analytics firm Lookonchain has revealed that new buyers are stacking Shiba Inu on Binance and Gate.io. The analytics platform shared the data on the social media platform X (formerly Twitter).
As of the time of the report, over 1.44 trillion SHIB, valued at about $13.36 million, had left exchanges in less than 48 hours. With split purchases over a period of time, the accumulation was a clear move.
Lookonchain revealed that the unknown whale addresses 0xF633Cd….3493Bbac began the accumulation on the Binance platform. The whale reportedly moved 400 billion SHIB tokens from the platform to the wallet address.
Additionally, the whale received another 146,342,102,182.77 SHIB around an hour later. This brings down the total amount of SHIB withdrawn from Binance to 546,342,102,182.77, valued at approximately $5.18 million.
Furthermore, the analytics firm reported another massive Shiba Inu withdrawal from the crypto exchange Gate.io. Lookonchain shows that the whale started the accumulation from Gate.io with an initial batch of 32,913,563,627.61 SHIB tokens.
Meanwhile, the next whale accumulation which was the largest consists of 499,999,665,444.45 SHIB. The whale then completed the move with an additional 362,134,360,200.61 SHIB buy. This brought the total amount of SHIB amassed to a whopping 895,047,589,272.67 valued at about $8.5 million.
According to Lookonchain, the aforementioned wallet address 0xF633Cd….3493Bbac is responsible for the tokens withdrawn from both crypto platforms.
These transactions came at a time when the Shiba Inu was experiencing a price rebound. However, there is no solid proof that these transactions have affected the price of SHIB positively.
A Significant Drop In Shibarium Transaction Counts
The Shiba Inu layer 2 blockchain platform Shibarium has experienced a significant drop in its transaction counts. The drop in transactions might suggest a broader change in users’s confidence and engagement.
According to data from Shibariumscan, the network’s daily transactions are currently pegged at 2.73 million. This is the lowest the network has seen in months now.
The network has been seeing a notable decrease in transaction counts since the close of the previous year. The drop in daily transaction counts indicates a decline in the network’s adoption.
Data from Shibarium Explorer shows that the network’s utilization is down up by 11%. However, this is a drop from the 30% network utilization it recorded on Monday, January 8.
As of the time of writing, SHIB was trading at $0.000009522, indicating an increase of 1.20% in the past 24 hours. Meanwhile, its 24-hour trading volume is currently seeing an uptick of 64%, according to CoinMarketCap.
Featured image from iStock, chart from Tradingview.com
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