Shiba Inu Featured in Massive Token Accumulation by Single Whale

A single whale has gone on a massive buying spree featuring tokens like Shiba Inu (SHIB), Ethereum (ETH), Binance Coin (BNB), IOST, Chiliz (CHZ) and Polygon (MATIC).

According to updated figures compiled by the analytics platform Spot on Chain, the whale with the address marker ‘0x865’ has accumulated a total of $51.54 million. The buyup underscores the attractiveness of these tokens.

🧐 Suspicious whale 0x865 withdrew $36.59M worth of various assets from #Binance in the past 18 hours, including:

10,000 $ETH ($20.3M)
45,000 $BNB ($10.2M)
300B $SHIB ($2.47M)
260M $IOST ($2.4M)
16M $CHZ ($1.18M)

Notably, the whale was created 175 days ago on June 8, 2023, but… pic.twitter.com/7RlgtSB716

— Spot On Chain (@spotonchain) November 30, 2023

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The Whale Network Activities

The whale acquired the assets in less than 24 hours, with the 10,000 ETH (worth $20.3 million) buyup coming in as the the largest of the transactions. Besides this, the whale also transferred a total of 60,000 BNB worth $13.73 million from Binance.

Shiba Inu is the third-largest asset moved by the whale in the accumulation move, with 300 billion SHIB valued at $2.47 million gobbled up.

Two hundred sixty million IOST and 16 million Chiliz were also moved with market worth of $2.4 million and $1.18 million, respectively. Besides this, 1.6 million MATIC valued at $1.22 million was also withdrawn from Binance.

One interesting trend observed with this whale is that it came alive on June 8 this year. In its 175 days, it started accumulating these cryptocurrencies recently, and with the massive accumulation spotted recently, the whale now boasts of a total of $53.36 million worth of various assets. 

This whale action follows a major trend now visible in the market especially as it relates to top assets like Shiba Inu, Ethereum, and Binance Coin.

Shiba Inu Price Outlook

That the whale made this acquisitions from Binance underscores the position that despite its recent woes, it still maintains dominance above its key rivals like Coinbase, proving it maintains deep liquidity.

The accumulations, however, have not helped reboot sentiment in the prices of most of the assets featured. At the time of writing SHIB was trading at a market price of $0.000008235, down 0.95% overnight.

Other tokens featured in the whale buyups have also seen a drop in their 24-hour price levels, a trend that shows the market reacted negatively to this seemingly positive move.