Shiba Inu: New Whale Wallet Grabs 136.86 Billion SHIB as Price Drops Zero

Shiba Inu: New Whale Wallet Grabs 136.86 Billion SHIB as Price Drops Zero

In a surprising move less than two hours ago, a recently established whale wallet swooped up a staggering 136.86 billion Shiba Inu (SHIB) meme coins, valued at approximately $1.38 million. This acquisition follows a trend of new whales accumulating massive amounts of SHIB, with another “newly born” cryptocurrency whale securing 546 billion SHIB on Binance, equivalent to nearly $10 million. Additionally, Tron founder Justin Sun recently acquired half a trillion SHIB on Binance, sparking speculation about his intentions.

Regulatory Hints and Strategic Moves: Justin Sun’s Massive Purchase

A member of the Shiba Inu team, @vetkusama, provided two potential reasons for Sun’s substantial purchase. Firstly, it is suggested that Sun might be planning a personal SHIB burn, transferring the 500 billion SHIB to unspendable blockchain addresses. Secondly, there is speculation that Sun is contemplating the establishment of a bridge between the Tron and Shibarium blockchains. However, no official statements have been made by Justin Sun regarding these possibilities.

SHIB Price Dynamics: Zero Eliminated and Recent Surge

Despite a modest 4.86% increase over the past month, SHIB experienced a sudden surge in the last 24 hours, skyrocketing by more than 11.54%. The price reached $0.00001034, successfully eliminating a zero. This unexpected growth is attributed to the U.S. Securities and Exchange Commission’s recent approval of spot-based Bitcoin ETFs, with eleven Wall Street companies filing for it last year. Ark Invest and BlackRock were among the earliest applicants.

Read article: SHIB Army to Earn LEASH and 85M SHIB with Updated Staking

Market Comparison: SHIB vs. Bitcoin and Ethereum

Comparatively, SHIB’s month-long increase falls short of Bitcoin’s 9.78% surge and Ethereum’s impressive 16.09% rise. However, the last 24 hours have seen SHIB outperform both, showcasing its dynamic nature in response to market developments. Bitcoin experienced a 4.43% correction after a 7.75% jump to reach $47,700 briefly. Ethereum, on the other hand, demonstrated a significant 11% increase, trading at $2,626 at the time of writing.

In the current market scenario, Bitcoin has displayed another increase, rising by 2.15% and starting to trade at $46,645. The developments in SHIB, coupled with broader market movements, highlight the cryptocurrency market’s ongoing evolution.

Read article: SHIB Investors Turns $100 Investment  Into $37 Million

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Disclaimer: The information in this article should not be considered anything as financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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