A new crypto whale has emerged, purchasing over $50 million in crypto assets. The whale, with the address marker ‘0x865’ has accumulated a total of $51.54 million in assets, according to Spot on Chain. Among the purchased crypto is approximately 300 billion Shiba Inu (SHIB).
This latest whale accumulation of SHIB is a surprising move, given that on-chain large transaction volume has reportedly dropped by 90% from its peak in early November. Some market watchers have taken this as a sign that the market is slowly moving away from Shiba Inu towards alternative crypto coins.
Furthermore, Shiba Inu has been in the red often over the past months. Reports have emerged that many holders of SHIB are at a loss. At press time, Shiba Inu is trading at $0.000008216.
Besides Shiba Inu, The Crypto Whale Took in other Top Assets
Other than SHIB, the latest big crypto whale acquired other top cryptocurrencies. The whale acquired the assets in less than 24 hours, with 10,000 ETH (worth $20.3 million) coming in as the largest of the transactions. Additionally, the whale also transferred a total of 60,000 BNB worth $13.73 million from Binance.
Whale accumulation of Shiba Inu is crucial to help the crypto maintain upward trends. This latest move can be beneficial for SHIB, however, it may take more to keep the meme-coin’s momentum going forward.