As a seasoned crypto investor with a keen interest in meme coins and a deep appreciation for the unpredictable nature of this market, I find the recent developments surrounding Shiba Inu (SHIB) absolutely fascinating. The reports from analytics X account @lookonchain about massive SHIB buys by anonymous whales have piqued my curiosity and left me with a sense of intrigue.
As an analyst at my firm, I’ve noticed some intriguing activity on the Shiba Inu (SHIB) market according to Analytics X’s account @lookonchain. On June 5th, large-scale crypto investors, or “whales,” made a significant purchase of SHIB coins in what can be described as an extraordinary buy. The amount amassed was quite impressive.
The price surge of the second largest meme cryptocurrency, SHIB, occurred in parallel with its price increase by nearly 8% over the past two days, along with a significant spike in SHIB’s burn rate within the previous 24 hours.
Trillions of SHIB absorbed by anon whales
Two unidentified cryptocurrency tycoons, through nine separate wallets, bought a staggering 1.356 trillion Shiba Inu tokens, spending approximately $35.2 million in real money for their purchase at an average token price of around $0.00002596 each.
This week, SHIB‘s large-scale investors, or “whales,” have shown increased activity. In addition to the significant SHIB purchase previously mentioned, on June 5, a hidden “mega SHIB investor” amassed 715.9 billion SHIB tokens. This transaction required 4,849 Ether, equivalent to approximately $18.44 million at the time of execution.
As a financial analyst, I’ve identified an intriguing pattern in the Shiba Inu (SHIB) market. I came across a notable investor who acquired a substantial amount of 5.5 trillion SHIB tokens during the early stages of the project, around $400 million worth. Fast forward to a later stage, this investor, often referred to as a “whale,” sold those tokens for approximately $121 million. This sale transpired at a time when the SHIB price peaked twice. Consequently, this savvy investor realized over $120 million in pure profits from these transactions.
An individual with significant wealth has recently purchased an enormous amount of Shib tokens, spending approximately 4,849 Ethereum ($18.44M) to acquire 715.9 billion Shib in the last 6 hours. In comparison, they had only spent around $400,000 to buy approximately 5.5 trillion Shib earlier and sold it for a profit of roughly $121 million at two peak points. This individual’s earnings from Shib are truly impressive! 🤯
— Lookonchain (@lookonchain) June 5, 2024
This week, significant transactions involving SHIB occurred as the large investors, or “whales,” in the Shiba Inu coin market became more active. These purchases coincided with the meme coin’s dramatic price increase of over 10% on June 5, peaking at $0.00002630. Following this surge, a small correction ensued, causing the price to decrease by approximately 2.65%.
As of this writing, Shiba Inu is changing hands at $0.00002258.
SHIB burns soar 3,895%
During the past night, Shibburn explorer data revealed a significant increase in the Shiba Inu burn rate. The surge was approximately 3,895% and a sum of 4,829,147 SHIB tokens were moved to inaccessible wallets (equivalent to burning them).
About 15 hours ago, a transaction involving the largest transfer of SHIB tokens, amounting to 4,039,143 units, was made to an inactive wallet.
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2024-06-06 15:26