- Whales accumulated over $100 million worth of SHIB tokens in the past week.
- Spikes returned in the SHIB netflow since the last week of August.
- Increased whale activities coincide with the influx of users on the Shibarium network.
Large holders of Shiba Inu accumulated over $100 million worth of SHIB tokens in the past week, according to IntoTheBlock, the popular market intelligence platform. A screenshot of SHIB’s netflow shared by the analytics platform shows a return of significant spikes in the meme coin’s netflow since the last week of August 2023.
According to Whale Alert, the advanced blockchain tracker and analysis system, a SHIB whale transferred 4,642,530,677,374 SHIB, equivalent to $38,057,145, from one unknown wallet to the other on August 31, 2023. Two days later, on September 2, 2023, another whale moved 4,630,530,677,374 SHIB worth $36,696,955 from the Bitvavo crypto exchange to an unknown wallet.
On September 4, 2023, Whale Alert reported another significant transaction involving the SHIB meme coin. This time, a whale transferred 4,615,530,677,374 SHIB, equivalent to $35,694,206, from Bitvavo to another unknown wallet, raising the value of transacted SHIB tokens by whales to over $100 million.
The recent increase in SHIB whale activities coincided with a substantial influx of new participants into the Shiba Inu ecosystem. Data from the Shibarium explorer shows the number of active wallets on the newly created network has crossed the one million mark. In its brief lifetime, the network has managed more than one million transactions, producing nearly 472,000 blocks, with an average block time of five seconds.
The measurable excitement among Shiba Inu community members appears to form a significant part of the tailwind behind the increased whale activities. Most crypto users believe the action by the large SHIB holders indicates preparation for an upcoming bull run. However, some users think their actions could hurt the meme coin’s development if they sell off early during a SHIB price rally.