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"Shiba Inu Whale Accumulates 257 Billion SHIB Amidst Price Drop"

Coin WorldMonday, Jan 27, 2025 12:25 pm ET

1min read

Shiba Inu (SHIB), the popular meme-based cryptocurrency, experienced a significant price decline today, dropping to $0.00001832. The token witnessed an 8.23% decrease in the last 24 hours and a 12.25% decrease over the past week. However, despite the downturn, on-chain data revealed a substantial accumulation event, with a major investor transferring 257.51 billion SHIB from Binance to a private wallet.

The wallet involved in the latest transfer now holds 477.5 billion SHIB, valued at approximately $8.57 million or 2,790 ETH. This transaction follows a prior 219.99 billion SHIB transfer from Binance to the same wallet 25 days earlier. Historically, large inflows to private wallets often suggest accumulation, while flows to exchanges indicate potential sell-offs. After the market dropped, this whale accumulated another 257.5 billion SHIB, valued at $4.6 million.

Further examination of past transactions revealed consistent inflows and outflows between wallets. Data from 172 days ago showed an outflow of 65.28 billion SHIB to a crypto exchange, while 176 days ago, the same wallet received 64.51 billion SHIB from Binance. Meanwhile, a breakdown of SHIB ownership trends highlighted substantial changes in distribution. Over the last seven days, whale SHIB ownership dropped by 57.11%. However, a 30-day change showed a sharp increase of 168.57%, while the 90-day accumulation surged by 242.15%, reinforcing a strong accumulation phase over the past three months.

Shiba Inu's bullish momentum strengthened despite declining prices, as its burn rates soared 191.13% in 24 hours, eliminating 6,278,168 SHIB. Tokenomics data indicated that 410.74 trillion SHIB had been permanently burned, reducing the maximum total supply from its initial 999.98 trillion SHIB. The remaining total supply stands at 589.25 trillion SHIB, with a circulating supply of 584.25 trillion SHIB.

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