The tumultuous world of cryptocurrency is abuzz with a major development centering around the Shiba Inu (SHIB). The news broke on behalf of Lookonchain, an on-chain analyst platform. mentioned A transaction involving a significant accumulation of Shiba Inu tokens by a principal owner.
This transaction took place on prominent exchanges like Binance and Coinbase and made waves in the crypto community.
According to Lookonchain data, the SHIB holder, who can be identified by the address “0x40B3,” recently added 1.5 trillion SHIB tokens to its wallet. At current market rates, this acquisition would equate to approximately $10 million.
history of accumulation
Notably, this particular owner “0x40B3” has a history of large SHIB purchases. Its holder previously acquired 5.3 trillion Shiba Inu tokens, resulting in around $35.5 million. On May 16, “0x40B3” transferred 20 trillion SHIB tokens to another address, “0x73AF,” worth approximately $134.4 million.
Related reading: Shiba Inu (chip) price at the most important point in its history?
Due to these huge transactions, “0x40B3” has garnered attention within the crypto ecosystem. The size of their holdings, making them the largest non-mutual owner of a Shiba Inu, underscores their influence in the SHIB market.
The impact on the SHIB market
The recent acquisition of 1.5 trillion SHIB tokens by “0x40B3” had an immediate impact on the price of SHIB. In just 15 minutes after the acquisition, the price of the Shiba Inu increased by over 1.5%. This short time window covered the influence that “whales,” or large-scale investors, have on price volatility in the cryptocurrency markets.
Moreover, SHIB price appears to be on the path of recovery, with a gain of nearly 25% since its recent low of $0.00000591 last Saturday. This recovery illustrates the dynamism of the cryptocurrency market and the important role major investors play in shaping it.
Meanwhile, the Shiba Inu has shown a steady rise in the past 24 hours. SHIB, one of the largest meme coins by market cap, has recorded a brewing rise of 3% over the past 24 hours.
At the time of this writing, Shiba Inu is currently trading in 0.00000678 USD After trading below 0.00000600 USD Tuesday. Interestingly, despite the current high, SHIB’s trading volume has fallen slightly from $185 million this time last week to $104 million in the last 24 hours.
However, the meme Coin’s market cap has seen a loss of more than $700 million in the past seven days. SHIB’s market capitalization has fallen from $4.7 billion last Tuesday to $3.9 billion as of today.
In other news, the upcoming launch of Shibarium has cast a shadow over the Shiba Inu community due to some recent developments. Well-known Shiba Inu advocate LucieSHIB first outlined the projections for the eagerly anticipated Shibarium mainnet launch, proposing a time frame between the second and third quarters of 2023.
However, according to recent posts From the same individual, the launch may face a delay from the initial expected schedule, causing a flurry of speculation among market participants and enthusiasts.”
Featured image from Shutterstock, chart from TradingView