The vibrant realm of cryptocurrencies is buzzing with a major development centered around Shiba Inu (SHIB). This news broke when Lookonchain, an on-chain analyst platform, reported a transaction involving a significant accumulation of Shiba Inu Tokens by a major holder.
This transaction took place on notable exchanges such as Binance and Coinbase and has made waves in the crypto community.
According to Lookonchain data, a SHIB holder, identifiable by the address “0x40B3”, recently added a whopping 1.5 trillion SHIB tokens to their portfolio. At current market prices, this acquisition equates to approximately $10 million.
A history of accumulation
In particular, this particular holder, “0x40B3”, has a history of substantial SHIB purchases. The holder had previously acquired 5.3 trillion Shiba Inu tokens, amounting to approximately $35.5 million. On May 16, “0x40B3” made a transfer of 20 trillion SHIB tokens to another address, “0x73AF”, at a cost of approximately $134.4 million.
Related reading: Shiba Inu (SHIB) price at the most pivotal point in its history?
Due to these voluminous transactions, “0x40B3” has attracted attention within the crypto ecosystem. The size of their holdings, making them the largest Shiba Inu non-exchange holder, highlights their influence in the SHIB market.
Impact on the SHIB market
The acquisition of the recent 1.5 trillion SHIB tokens by “0x40B3” had an immediate effect on the SHIB price. In just 15 minutes after the acquisition, the price of Shiba Inu rose by more than 1.5%. This short time frame included the influence of “whales” or large-scale investors on price volatility in the cryptocurrency markets.
In addition, SHIB price appears to be on a recovery path, up almost 25% since its recent low of $0.00000591 last Saturday. This uptick illustrates the dynamism of the cryptocurrency market and the important role major investors play in shaping it.
Meanwhile, Shiba Inu has shown a continuous increase over the past 24 hours. SHIB, one of the largest meme coins by market cap, has registered a brewing rally of 3% in the past 24 hours.
At the time of writing, Shiba Inu is currently trading up $0.00000678 after trade below $0.00000600 on Tuesday. Interestingly, despite the current uptick, SHIB’s trading volume has dropped a bit from $185 million this time last week to $104 million in the last 24 hours.
However, the meme coin’s market cap has lost more than $700 million in the past 7 days. SHIB’s market cap is down from $4.7 billion last Tuesday to $3.9 billion today.
In other news, the upcoming launch of Shibarium has cast a cloud of uncertainty over the Shiba Inu community due to some recent developments. Initially, LucieSHIB, a well-known advocate for Shiba Inu, set expectations for the launch of the highly anticipated Shibarium mainnet, suggesting a time frame between the second and third quarters of 2023.
Yet according to recent posts of the same person, the launch may be delayed from the initially planned timeline, sparking a wave of speculation among market participants and enthusiasts.
Featured image from Shutterstock, chart from TradingView
