Reports reveal that Shiba Inu (SHIB) whales have dramatically increased their holdings by 600%, signaling growing confidence in the meme-based cryptocurrency. On August 12, the total net flow of large-scale SHIB holders surged from 27.06 billion to 161.15 billion SHIB, according to IntoTheBlock.
Although the precise reason for this aggressive token accumulation remains unclear, the stabilization of Shiba Inu’s price fundamentals may have contributed to the positive sentiment among investors. January 2024 saw a similar rise, yet a bearish market led to significant offloading by whales over subsequent months.
Shiba Inu is recovering from previous price declines, and the increase in whale holdings follows Shytoshi Kusama’s announcement of a promising project in the SHIB ecosystem. Crypto analyst Oscar Ramos also expressed optimism about Shiba Inu’s future, hinting at a potential breakout driven by ongoing developments and upcoming projects.
Currently, Shiba Inu is trading at $0.0000136, reflecting a 1.47% decrease in 24 hours but gaining 2.20% over the past week. Additionally, an anonymous SHIB whale executed a large transaction of 165.37 billion SHIB, valued at around $2.25 million, withdrawing these tokens from Coinbase.
