An unknown entity has withdrawn over $14 million worth of Shiba Inu from Coinbase as SHIB continues to capture investor attention.
In the past 24 hours, the price of Shiba Inu has increased by double digits, soaring up to 26% at one point. The price surge signals strong buying interest, a fact that on-chain data has now corroborated.
On-chain Nerd uncovered a Shiba Inu whale who created seven new wallets to accumulate the asset. The unknown entity withdrew 71.55 billion Shiba Inu ($2.05 million) from Coinbase to each of the new wallets, for a total of 500.85 billion Shiba Inu ($14.35 million).
5 hours ago, a whale just created 7 Fresh Wallets and transferred exactly 71.55B $SHIB ($2.05M) from #Coinbase to each wallets.
In total, he did accumulated 500.88B $SHIB (~$14.35M)
Here are the addresses:https://t.co/1D63iCOVEzhttps://t.co/DUFJhpUSeEhttps://t.co/DRqn0J9iYw
— The Data Nerd (@OnchainDataNerd) March 18, 2024
The use of multiple wallets is not surprising, as most crypto investors use this approach to minimize security risks.
Also, while there is a possibility that the whale may have purchased the Shiba Inu in the past and only withdrawn it now, recent bearish action around the cryptocurrency suggests that the address might have capitalized on the downtrend to acquire a position in SHIB.
It bears mentioning that if the whale holds onto their SHIB holdings until the cryptocurrency reclaims its all-time high, then the value of the assets will increase by over three times. In that case, the 500.85 billion SHIB will be valued at $44.3 billion.
Are Whales Waking Up to Shiba Inu?
Beyond the current price action, the latest whale action catches the eye for several other reasons. For one, it contrasts whale moves earlier this month when some moved to cash out on Shiba Inu.
As reported by The Crypto Basic, a whale moved $10 million worth of Shiba Inu to Wintermute in a potential selloff move. Following these movements, a new accumulation phase by high-profile investors suggests Shiba Inu may be aligning itself for further price growth.
Several analyst predictions tip Shiba Inu to regain its previous all-time high, a target that can easily be realized if more whales pile into the token. In the meantime, Shiba Inu (SHIB) remains 67% off its all-time high, trading at $0.00002831 at the time of writing.
