According to IntoTheBlock, the preferred market information tool, large investors of Shiba Inu accumulated over $100 million worth of SHIB tokens before this week. A screenshot of SHIB’s netflow that the analytics platform shared shows a resumption of significant spikes in the netflow of the meme coin during the last week of August 2023.
According to Whale Alert, the best blockchain tracker and evaluation system, a SHIB whale moved 4,642,530,677,374 SHIB, or $38,057,145, on August 31, 2023, from one undisclosed pocket to the other. On September 2, 2023, a second whale transferred $4,630,530,677,374 SHIB worth $36,696,955 from the Bitvavo cryptocurrency alternative to unidentified pockets.
Whale Alert revealed one more significant SHIB meme coin transaction that occurred on September 4, 2023. This time, a whale moved $35,694,206 worth of SHIB tokens, or 4,615,530,677,374, from Bitvavo to an unidentified pocket, bringing the total value of whale-transacted SHIB tokens to above $100 million.
The recent increase in SHIB whale activity was accompanied by a substantial influx of new animals into the Shiba Inu environment. According to data from the Shibarium Explorer, the number of active wallets in the newly formed community has surpassed one million. The community has produced nearly 472,000 blocks during its brief existence, managing millions of transactions, with a median block time of 5 seconds.
Shiba Inu community members’ quantifiable happiness appears to be a significant contributor to the tailwind driving the increased whale activity. The majority of cryptocurrency users believe that the big SHIB holders’ action indicates that a bull run is about to begin. However, some users fear that if they sell early during a spike in the SHIB value, their actions would harm the meme coin’s development.