Here’s What Happened On-chain Just Before Shiba Inu Explodes by 69%

While Shiba Inu has registered an explosive 69% gain in under 24 hours, on-chain data has shown how whales perfectly timed their entry into the SHIB market just before the rally.

Over the past day, Shiba Inu surged beyond the $0.00002 mark in a remarkable rally unseen for many months. Specifically, SHIB climbed from a low of $0.00001266 to a peak of $0.00002142.

These figures represent a 69% increase, driven by crypto enthusiasts conducting trades totaling over $4.6 billion SHIB in the last 24 hours. The trading volume spike is noteworthy as it marked a 205% surge compared to the preceding day.

Amid this praiseworthy trajectory, Spot On Chain, a renowned tracker of blockchain transactions, called attention to the recent activities of Shiba Inu whales.

The point of the disclosure was that the whales exhibited perfectly timed transactions, occurring within two days before the 24-hour rally from SHIB.

Shiba Inu Whales Stock over 83B Tokens

In a recent post on X, Spot On Chain highlighted three such whale maneuvers preceding the significant surge in Shiba Inu.

The $SHIB price soared over 50% (24H). What happened on-chain in the past 3 days leading to the pump?

1. Smart trader 0x37d withdrew 75.91B $SHIB (currently $1.51M) from #Binance 2 days ago before the pump, now making $614K (+69%).
🔔 https://t.co/qknAUOYg82

2. #MakerDAO… pic.twitter.com/qwXzW28r1N

— Spot On Chain (@spotonchain) March 2, 2024

Specifically, the market tracker pointed out that a savvy trader with the wallet initials “0x37d” amassed a stash of over 75.91 billion units of SHIB tokens.

The trader had withdrawn the tokens from the largest crypto exchange, Binance. Spot On Chain emphasized that the movement occurred just two days before Shiba Inu recorded the explosive growth.

Considering Shiba Inu’s current market value of $0.00002142, the accumulated tokens are worth more than $1.61 million. Consequently, the savvy Shiba Inu trader has netted a profit of over $614k, with an ROI of over 70%.

Meanwhile, the second whale activity Spot On Chain highlighted related to MakerDAO co-founder Rune Christensen. Blockchain data suggests Christensen acquired 7.41B SHIB with $100K USDC stablecoin within the last 24 hours. Spot On Chain suspected that the transaction was the first of its kind.

The market tracker noted the MakerDAO co-founder has since witnessed a return on investment of over 47%. However, considering SHIB’s market value, the new portfolio has seen a profit exceeding $58k.

Exchange Wallet Stock 2.13T SHIB

In parallel, another whale with wallet initials “0x02e,” suspected to be related to the Upbit exchange, accumulated 2.13 trillion Shiba Inu. These newly accumulated tokens now wield over $45 million in market value.

Spot On Chain noted that the address ranks among the seventh largest wallets holding Shiba Inu, with 12.45 trillion tokens valued at over $247 million.

Cumulatively, the highlighted purchases represent an astonishing accumulation of 2.213 trillion SHIB acquired recently.

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