Shiba Inu Whales Scoop Up 2.39 Trillion SHIB, Safely Stash Them in Cold Storage

Shiba Inu whales have been taking advantage of the recent dip in Shiba Inu, accumulating a staggering 2.39 trillion SHIB between them according to on-chain data. The price of SHIB has been on a downward trend since the start of the month, dropping as much as 20% from the yearly open to reach $0.000008735 on January 8th. While it has recovered 15% since then to reach $0.000009763, the price is still showing signs of decline, currently down 3.3% in the past 24 hours. The huge SHIB accumulation by some whales adds an interesting twist to this story, with $24.15 million worth of tokens being sent straight to cold storage.

Shiba Inu has a thriving ecosystem of whale investors, and this month has seen substantial SHIB transfers from Binance to four whale addresses. Including the whales behind these transactions, a total of 2.39 trillion SHIB worth $24.15 million has been moved from exchanges to cold storage. By doing this, the whales are demonstrating their commitment to holding Shiba Inu for the long term.

One of the most recent significant transactions was for 136.86 billion SHIB worth $1.38 million, making it the smallest accumulation from the four whales. The three other transactions were even more substantial, with TRON founder Justin Sun accumulating 577 billion SHIB worth $5.82 million from Binance, among others. In addition, the large majority of SHIB in circulation is now held by a small number of large holders, resulting in potential price manipulation but also indicating the confidence of whale investors in the token’s long-term prospects.

Shytoshi Kusama, the lead developer of Shiba Inu, has urged the growing SHIB community to stay strong in the face of recent market volatility. This encouragement came as Shib name tokens were introduced, opening up new possibilities for the Shiba Inu ecosystem.

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