New Whale Amasses 4 Trillion SHIB as Shiba Inu Gains 6%

A newly-activated whale address just accumulated over four trillion SHIB tokens worth $32.8 million as Shiba Inu appreciates by 6% amid the market-wide rally.

Shiba Inu (SHIB) has leveraged the broader market rally triggered by the favorable ruling in the Ripple vs. SEC lawsuit. SHIB eventually reclaimed the much-coveted $0.0000080 threshold. Amid this bullish development, a new whale address recently procured over 4 trillion SHIB.

Whale Alert, a prominent crypto whale-tracking resource, drew the public’s attention to the development in a tweet today. 

🚨 🚨 4,113,777,233,445 #SHIB (32,862,223 USD) transferred from unknown wallet to unknown wallethttps://t.co/Xu48bD6mLn

— Whale Alert (@whale_alert) July 14, 2023

The movement has expectedly captured the attention of the broader crypto community, triggering speculations. The fact that both the sending address and the recipient address remain unidentified has compounded the intrigue and uncertainty.

Notably, data from the Ethereum explorer Etherscan reveals that the transaction occurred today at 11:58 (UTC). The transfer involved exactly 4.114 trillion SHIB valued at $32.8 million. The inflow was the first transaction recorded for the recipient address, signaling that it is a newly-activated address. 

Meanwhile, the sending address received the Shiba Inu tokens from two other wallets in multiple transactions spanning from June 16 to July 12. The origin of the funds trace back to an exchange wallet.

Considering the enigmatic nature of the flow of funds, market watchers remain uncertain of the reason behind the transaction. However, it is not uncommon to witness large whale addresses procuring more Shiba Inu tokens at the outset of a market rally.

Shiba Inu Whale Movements

This latest SHIB whale transaction occurred shortly after an old Shiba Inu whale moved 4 trillion SHIB tokens after 157 days of dormancy. The whale address distributed the 4 trillion tokens among eight different addresses. After the report, this whale sent more tokens, bringing the total outflow to 10 trillion SHIB.

A few days before this, The Crypto Basic reported that Santiment data shows that 14 separate whales moved over $1 million worth of SHIB as of July 6. On July 4, another whale address amassed 152 billion Shiba Inu tokens worth $1.22 million in a single transaction.

The latest whale accumulation transaction comes when Shiba Inu is looking to capitalize on the recent market rally. SHIB has gained by 6.8% over the past 24 hours, finally trading above the $0.000008 threshold. At a price of $0.00000803, Shiba Inu’s position is delicate. A mild drop could displace the asset below the mark.