Whale Enthusiasm For Shiba Inu Surges Amid Meme Coin Frenzy

This week, the excitement among whales for Shiba Inu (SHIB) has reached unprecedented levels, signaling a resurgence in the meme coin frenzy.

Data from IntoTheBlock reveals a staggering spike of nearly 500% in large transactions involving SHIB, indicative of heightened interest and activity within the community.

In a remarkable turn of events, the total supply of SHIB tokens has witnessed an exponential surge, skyrocketing from 1.2 trillion to an astounding 6.6 trillion in just two days. 

This surge in supply coincides with a notable uptick in the price of the token, which has seen impressive gains of 27% within a 24-hour period and a remarkable 45% surge over the past seven days.

On-chain reports from Spotonchain provide further insight into the behavior of whales, suggesting a concerted effort to accumulate Shiba Inu tokens.

Notably, Smart trader 0x37d executed a significant move by withdrawing 75.91 billion SHIB tokens, valued at $893K, from Binance at an average price of $0.041176. 

This move marks a notable shift in the trading dynamics surrounding SHIB, indicating increased investor interest and confidence in the token’s potential.

SHIB Whale Records Massive Profits, Also In Other Tokens

Furthermore, recent trading activity by whale 0x37d highlights a diverse portfolio strategy, with substantial gains realized from previous investments.

The whale secured an estimated profit of $3.47 million (+135%) from a PEPE trade, showcasing astute trading acumen and market foresight. Additionally, gains of $614K (+21.9%) from Ethereum (ETH) investments underscore the whale’s diversified approach to crypto trading.

Despite the overall positive sentiment surrounding SHIB, whale 0x37d also faces challenges, with losses incurred from holdings in MANA and SAND tokens.

Despite these setbacks, the whale’s strategic maneuvering and ability to capitalize on market opportunities reaffirm the dynamic nature of crypto trading.

As Shiba Inu continues to capture the imagination of investors and enthusiasts alike, the meme coin landscape experiences a resurgence driven by renewed interest and investor activity. With whales actively accumulating SHIB tokens, the stage is set for further excitement and volatility in the days to come.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: avirozen/123RF // Image Effects by Colorcinch

Via: https://themerkle.com

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