136.86 Billion SHIB Grabbed by Fresh Wallet as Price Burns Zero

According to data shared by blockchain sleuth @lookonchain, a fresh whale wallet has bought a massive lump of meme coins — 136.86 billion SHIB in total. This amount of Shiba Inu is evaluated at approximately $1.38 million.

A fresh whale wallet accumulated 136.86B $SHIB(1.38M) 30 mins ago.

In the past month, $BTC has increased by 9.78%, $ETH has increased by 16.09%, while $SHIB has only increased by 4.86%.

And 4 whales have accumulated a total of 2.39T $SHIB ($24.15M) from exchanges in the past… pic.twitter.com/NKLz8AhGfV

— Lookonchain (@lookonchain) January 11, 2024

This is not the only new whale acquiring staggering amounts of SHIB this year. As reported by U.Today, a “newly born” cryptocurrency whale accumulated a whopping 546 billion SHIB on Binance — the equivalent of almost $10 million.

Further, Tron founder and now owner of Poloniex and Huobi exchanges Justin Sun recently bought a massive amount of Shiba Inu on the Binance exchange — half a trillion of it. A member of the Shiba Inu team, @vetkusama, shared two likely reasons why Sun could have done that.

The first one was that he perhaps wanted to conduct a personal SHIB burn and transfer that 500 billion SHIB to unspendable blockchain addresses. The second one was that Sun may be considering setting up a bridge between the Tron and Shibarium blockchains. No statements about either option followed from Justin Sun, though.

SHIB price eliminates zero

@lookonchain added that, over the past month, the second largest canine-themed cryptocurrency by market capitalization value, SHIB, staged only a 4.86% increase, while Bitcoin surged by 9.78%, and the second biggest coin, Ethereum, showed a 16.09% rise.

However, during the last 24 hours, the Shiba Inu price skyrocketed by more than 12%, eliminating a zero and reaching the $0.00001030 level, where it is trading at the time of this writing.

SHIB’s sudden growth was propelled by the news of the U.S. Securities and Exchange Communism finally giving the green light to spot-based Bitcoin ETFs. Eleven Wall Street companies filed for it last year, with Ark Invest and BlackRock being the earliest of them.

As for the Bitcoin price itself, on Wednesday, it jumped 7.75% to reach $47,700 briefly. However, this price jump was followed by a 4.43% correction, which pushed BTC down to $45,633. By now, Bitcoin has shown another increase, rising 2.15% to start trading at $46,645.

The next largest cryptocurrency after Bitcoin, Ethereum, has demonstrated a much bigger increase, soaring by more than 11% and exchanging hands at $2,626 at the time of this writing.

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