According to Lookonchain, over the past month, several notable crypto investors have turned their attention to Shiba Inu (SHIB), purchasing large amounts of the meme-inspired cryptocurrency. These so-called “whales” include Justin Sun, founder of TRON, as well as a number of anonymous wallet addresses.
“Fresh wallet ‘0xa656’ withdrew 237.87B $SHIB ($2.56 million) from Binance 4 hours ago,” posted one Twitter user. This move came just days after Sun himself withdrew nearly 580 billion SHIB tokens valued at over $6 million from the popular exchange.
Additionally, two wallets dubbed “0xfa22” and “0xF17f” have accumulated around 850 billion SHIB worth $7.57 million over the past 30 days. “These are probably the same person,” speculated the original poster. These purchases were made at an average price of $0.0000089 per token.
Long-Term Believers Add to Stashes
Other whales have taken a longer-term approach, slowly building up their SHIB holdings over many months. According to transaction records on Etherscan, wallet “0x8652” has accumulated over 540 billion tokens worth almost $6 million since early August.
Most of this total was purchased on November 30 and December 1 at an average cost basis of $0.0000083 per SHIB. This investor likely believes that current prices present an attractive buying opportunity for increasing their position.
Bullish Signs After Prolonged Slump
Shiba Inu has traded sideways for most of the year and has seen some recent bullish gains, it has shown nascent signs of life over the past two months amid generally improving sentiment across the crypto sector.
The actions of whales and other large-scale investors often serve as a leading indicator for future price action. Their renewed accumulation of SHIB may signal a brewing resurgence for the meme coin as it closes out a difficult year. Whether these big bets pay off remains to be seen, but the whales clearly have confidence in Shiba Inu’s long-term prospects.
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