In the past week, whales holding Shiba Inu (SHIB) tokens accumulated over $100 million worth of the meme coin, according to market intelligence platform IntoTheBlock. Significant spikes in SHIB’s netflow were observed since the last week of August 2023.
Whale Alert, a blockchain tracker and analysis system, reported multiple large transactions involving SHIB. One whale transferred over 4.6 trillion SHIB tokens, equivalent to $38 million, from one wallet to another on August 31st. Another whale moved over 4.6 trillion SHIB, worth $36 million, from Bitvavo exchange to an unknown wallet on September 2nd. On September 4th, another substantial transaction worth over $35 million was made, bringing the total value of SHIB tokens transacted by whales to over $100 million.
The surge in whale activities coincides with a growing number of participants joining the Shiba Inu ecosystem. The newly created Shibarium network has surpassed one million active wallets, with over one million transactions and nearly 472,000 blocks generated.
While many believe the whales’ actions indicate preparation for a potential bull run, some users express concerns that their selling during a SHIB price rally could negatively impact the meme coin’s development.
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