Amidst the volatile crypto market, whales have been actively participating and making significant moves. One notable whale in the Shiba Inu [SHIB] community recently caught attention with a substantial purchase. The largest SHIB holder bought an impressive 1.5 trillion SHIB tokens, as reported by blockchain analytics firm Lookonchain.
The recent activity of address “0x40B3” has gained significant market attention. The whale made notable investments, starting with 5.3 trillion SHIB tokens valued at about $35.5 million. This clearly wasn’t enough for the investor. The entity further proceeded to buy an extra 1.5 trillion SHIB tokens worth around $10 million within the past few hours. Additionally, these transactions were carried through popular exchanges Binance and Coinbase. Furthermore, both these exchanges are currently facing regulatory scrutiny from the SEC.
It is worth noting that this wasn’t the first time a transaction of such a high magnitude had unfolded. On May 16, there was a notable transfer of 20 trillion SHIB, valued at about $134.4 million. The transaction was carried out from address “0x40B3” to address “0x73AF.” The reason behind this transaction continues to remain a mystery.
Furthermore, the recent purchase of the additional trillion SHIB tokens was believed to be related to the upcoming launch of Shibarium. The layer-2 network is set to make its debut in August. However, Shytoshi Kusama, the lead developer of Shiba Inu, hinted at a potential release in early July. Consequently, speculations arose that the whale had taken advantage of the market dip in preparation for the launch of Shibarium. This significant trade certainly contributed to a substantial increase in the transaction volume within the Shiba Inu network. At press time, the network experienced a remarkable surge of 107.64% in daily transaction volume.
Shiba Inu is up by nearly 3%
The entire market is slightly recovering at the moment. The meme coin was trading for $0.000006742 with a 2.51% daily rise. However, the asset has dropped 16% in the past few days. Unfortunately, the decline brought losses to SHIB holders. At the asset’s current price, 91% of its holders were enduring a loss. A dainty 7.41% were bagging profits.