The crypto markets are seeing a surge of whale activity today (due to Bitcoin ETF approvals), especially in top coins Ethereum (ETH) and Shiba Inu (SHIB). Data shows that large investors are accumulating massive amounts of these tokens in anticipation of future price rises. A lesser-known meme coin called dogwifhat (WIF) is also attracting major money and pumping over 70% in price today.
At the time of writing, ETH is trading around $2,640, up 10% over the last 24 hours. SHIB has also jumped 8.4% to $0.00001. Several mega-whales have recently bought huge sums of these cryptocurrencies.
According to on-chain analytics firm LookOnChain, one whale wallet with the address 0xAA15 just withdrew 5,762 ETH ($15.06 million) from Binance. This comes after the same wallet accumulated 50,733 ETH ($99.2 million) worth of the token since September 19th, 2023 – all purchased around $1,955 per ETH.
Another giant ETH whale, 0x9314, spent $7.29 million USDT to buy 2,800 more ETH coins in the past few hours. This wallet has steadily stacked over 82,780 ETH ($150.3 million) since January 1st, 2023, at an average price of $1,816 per ETH.
Shiba Inu is also attracting some big buyers lately. One fresh whale wallet recently grabbed 136.86 billion SHIB tokens valued at $1.38 million. While BTC and ETH prices have surged 9.78% and 16.09% respectively over the past month, SHIB has seen a more modest 6% gain.
However, four other whales have bought a combined total of 2.39 trillion SHIB ($24.15 million) from exchanges during this period. Wallet 0x03A6 picked up 136.86 billion SHIB ($1.38 million) from Binance 30 minutes ago. Another wallet, 0xF633, accumulated a staggering 1.44 trillion SHIB ($14.54 million) from Binance and Gate.io over the last three days.
In addition, a large investor recently spent $225,797 buying 19.86 million WIF meme coins at $0.01137 each. This whale now holds 37.08 million WIF ($6.98 million) in total, becoming dogwifhat’s second biggest holder. The average buying price for this wallet is $0.2393 per WIF.
And here’s WIF biggest holder: one mega-whale named “binance-insider.sol” just spent 86,738.1 SOL ($8.65 million) to accumulate 17.22 million WIF at $0.5022 per token.
As whales continue stacking ETH, SHIB and other meme coins in expectation of a bull market, retail investors may want to keep an eye on these fast-moving cryptos.
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