New Whale Amasses 397 Billion Shiba Inu Amid Bearish Market

Shiba Inu (SHIB) continues to capture attention even in a bearish environment for meme coins. 

Recent data reveals that a single wallet has accumulated an impressive 397.845 billion SHIB tokens last week. Valued at approximately $5.35 million, this acquisition highlights strategic interest in Shiba Inu despite market challenges.

However, this wallet has also experienced losses amounting to $23.87k, likely due to SHIB’s price fluctuations. This address has not engaged in any transactions beyond the SHIB accumulation, currently holding only Shiba Inu tokens.

It is important to note that during this press, Shiba Inu was changing hands at $0.0000134. This represents a decline in all timeframes, particularly 30% in the past 30 days.

Volatile Profit and Loss Trends

The wallet’s profit and loss figures reflect significant volatility. Early on, its cumulative P&L remained stable, showing minimal variation. However, losses on August 12 caused a steep decline, which was partially reversed by a recovery the following day. 

Subsequently, August 15 and 16 saw further declines in value, though not as severe as the August 12 drop. 

Significant Inflows and Wallet Activity

During this period, other major wallets also experienced significant inflows of Shiba Inu tokens. Coinbase’s hot wallet saw an influx of 725.79 billion SHIB, valued at $10.01 million, while Binance’s hot wallet received 686.23 billion SHIB, worth $9.59 million. 

In addition to the recent accumulation, other notable whale transactions have occurred in the Shiba Inu market. On May 31, Lookonchain identified a whale who withdrew 58.08 billion SHIB tokens from Binance. Around the same time, another whale transferred 445.87 billion SHIB tokens from Robinhood to a private wallet.

A separate report confirmed that Shiba Inu whales and sharks recently increased their balances, adding over 4.35 trillion SHIB tokens between March and mid-May, according to Santiment. Moreover, on May 2, an anonymous wallet withdrew 1.75 trillion SHIB tokens from Robinhood, continuing an accumulation streak amid a price dip.

Distribution of Shiba Inu Holdings

Elsewhere, looking at the distribution of Shiba Inu holders, as of August 12, Shiba Inu had 1.36 million addresses holding the token, with prices fluctuating around $0.000014. Small retail investors have shown increased interest, with the number of addresses holding between 0 to 1 million SHIB growing by 1.58% over the past 30 days. 

Larger holders, particularly those with over 100 billion SHIB, have remained relatively stable in their positions, reflecting confidence among whale wallets. However, mid-tier investors have reduced their positions slightly.