New Shiba Inu Whale Stacks Up 4.6T SHIB Amid Price Drawdown

A recently activated Shiba Inu (SHIB) whale with no prior transaction record has stacked up 4,607,030,677,374 (4.6 trillion) SHIB tokens amid the prevalent price decline.

This move demonstrates the allure of SHIB at this time when its price is trading at a visible discount. In dollar terms, the total SHIB accumulated is worth $31,387,700, according to data from crypto analytics service provider Whale Alert.

🚨 🚨 4,607,030,677,374 #SHIB (31,387,700 USD) transferred from unknown wallet to unknown wallethttps://t.co/fhj45hfTrS

— Whale Alert (@whale_alert) October 11, 2023

Maxing Out the Shiba Inu Discount

It is not uncommon to find market whales buying a token after its price is sufficiently lowered. From records, such related SHIB buy-ups have become prevalent. Notably, another top whale stacked up 1.5 trillion SHIB tokens valued at $10.02 million in July.

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An intriguing twist to the earlier accumulation is not just the cleverness to take advantage of falling prices at the time but that this whale has been active for some time and had transferred a total of 20 trillion SHIB tokens worth $176.80 million, as reported at the time.

While the purpose of some of these SHIB transfers remains unknown, the emergence of Shibarium has introduced a new possibility. New use cases keep emerging for whales to put their funds to work. These new use cases might also explain why some dormant SHIB addresses are waking up now.

Whale Actions Goes Beyond SHIB

While the whale actions around the Shiba Inu protocol are profound, this trend is not peculiar to the token. Other digital assets, especially Bitcoin (BTC) and XRP, have also witnessed massive whale accumulations and a recent resurgence of dormant whale addresses.

With the general market outlook gloomy at this time, many are convinced we might see more whales taking advantage of the lower prices.