Ethereum Whales’ SHIB Investment
The cryptocurrency world has been shaken by the re-emergence of a long-dormant Ethereum (ETH) whale, who has made a substantial investment in the popular meme-based cryptocurrency, Shiba Inu (SHIB). According to data from Etherscan, the wallet address executed a series of purchases within the past 24 hours, amassing about 607 billion SHIB tokens, equivalent to $5.80 million.
This sudden buying spree has catapulted the mysterious investor to become one of the leading holders of the meme-themed cryptocurrency. It also secures them as the top buyer for the given period.
The Whales’ Portfolio Dynamics
As a result, the whale’s cryptocurrency portfolio has expanded to 733.21 billion SHIB, with a valuation of $6.97 million per the token’s current price. Also, SHIB has become the second-largest position in the investor’s holdings behind Ethereum.
With 52,618 ETH, Ethereum remains the primary asset in the whale’s portfolio. The cumulative value of the investor’s entire portfolio stands at an estimated $182.76 million. On-chain data reveals that the Ethereum whale purchased its first SHIB holdings around two years ago.
During that time, the unidentified individual procured nearly 200 billion SHIB. This latest purchase has left SHIB enthusiasts and traders eagerly anticipating its impact on SHIB’s market dynamics.
Tron Founder Justin Sun Continues To Increase His SHIB Holdings
Meanwhile, blockchain enthusiasts and members of the Shiba Inu (SHIB) community are closely monitoring the recent moves of Tron founder and renowned crypto entrepreneur Justin Sun. According to on-chain data, Sun has been actively accumulating Shiba Inu tokens.
His latest purchases follow a substantial transaction in December, where a wallet associated with Sun withdrew 577 billion SHIB tokens from Binance. The withdrawn SHIB tokens, valued at around $6 million at the time, sparked speculations within the crypto community about Sun’s intentions with his substantial purchases.
SHIB’s Price Action And Sun’s Massive Purchases
Spot On Chain, a reliable blockchain analytics platform, detected a substantial withdrawal of 79.33 billion SHIB tokens from Binance by the Sun-associated wallet. Besides SHIB, the wallet also withdrew massive amounts of Floki (FLOKI), Chainlink (LINK), Band Protocol (BAND), and Decentraland (MANA) tokens.
What’s particularly intriguing is that SHIB has become the second-largest holding in Justin Sun’s overall Ethereum-based portfolio, based on Spot On Chain data.
The Ripple Effects Of Sun’s Actions
Sun’s recent activities have triggered a ripple effect in the market, with increased whale interest in SHIB noted shortly after his substantial withdrawal in December. A new whale wallet, for instance, pulled over 237 billion SHIB from Binance, underscoring the impact of Sun’s actions on SHIB’s market dynamics.
Furthermore, some fresh wallets reportedly acquired 1.4 trillion SHIB tokens, contributing to the stabilization of SHIB’s value. Sun’s huge SHIB accumulations and subsequent market reactions are fascinating subplots in the ever-evolving cryptocurrency landscape.