Shiba Inu (SHIB) Faces Struggle Against Whale Dominance

Exciting news in the crypto world – huge Shiba Inu (SHIB) purchases were recently made by crypto whales, injecting millions of dollars into the memecoin ecosystem.

Big Investments in SHIB

Analysis from Lookonchain discovered that nine wallets collectively bought around $35.2 million worth of SHIB tokens. These purchases amounted to 1.356 trillion SHIB tokens at an average price of $0.00002596.

Such an incredible move!

Nine wallets (including 2 whales) spent $35.2M on 1.356T $SHIB at an average price of $0.00002596 in the last 12 hours!

Wallet Addresses:
0xFB67EF6fE609edAb1e0595e6815634E8E4db9cF7
0xb2f1956eAE0817dB73C4D542A4861eE485B7e7c6
0x607C26c976272459A0896065E03a9b70C0Ef04B5… pic.twitter.com/yfSUyFSLQy

— Lookonchain (@lookonchain) June 5, 2024

Among these wallets, two belonged to crypto whales, each purchasing up to 300 billion SHIB. The combined total of these two transactions reached 675 billion, comprising approximately 50% of all purchases. Additionally, the smallest purchase amounted to around 54 billion SHIB.

Previously, a SHIB investor who had pocketed $145 million in profit returned to the market after a two-year hiatus. This investor exchanged 4,849 WETH worth $18.5 million for 715.8 billion SHIB in just five hours.

These developments indicate a growing interest in the meme coin. The ongoing activity of these whales not only influences SHIB’s price but also demonstrates a rising investor confidence in the memecoin. The significant investment from an experienced trader typically signals an optimistic outlook, potentially attracting more participants to the market.

As of now, Shiba Inu is being traded at $0.0000259, showing a 6.21% increase within the last 24 hours. This upward trend in price reflects the overall positive sentiment in the wider crypto market. Bitcoin is currently showing strong activity with a price above $70,000, while Ethereum (ETH) is valued at $3,836.56 after a 0.50% increase in the last 24 hours. Many other altcoins are also experiencing growth, with some like Binance Coin (BNB) and Toncoin (TON) hitting record highs recently.

Increased Activity Boosting SHIB’s Value

Several events are contributing to the rising popularity and adoption of SHIB. Recently, CF Benchmarks, a renowned digital asset index provider, included Shiba Inu in their Large Cap Asset Index, indicating growth for the token.

Furthermore, Shiba Inu’s Layer-2 scaling solution, Shibarium, significantly reduced the bridge time between Shiba Inu’s Layer 2 blockchain and Ethereum. Reducing the seven-day waiting period to less than an hour marks a significant achievement for the SHIB ecosystem.

These occurrences collectively shape the future of this memecoin. With the positive momentum in the broader crypto ecosystem and the potential for additional use cases, the token’s value may see further increases in the near future.

Discover More: Binance’s Efforts to Minimize $13 Billion UK Lawsuit Over BSV Delisting