According to the on-chain analytics and insights platform SpotOnChain, a crypto whale that made over $145 million in profit from trading $SHIB, has begun to re-accumulate the memecoin again after two years.
In a report shared today via a social media post, SpotOnChain noted that two old wallets belonging to the whale hold almost 1 trillion $SHIBs.
According to the platform, the crypto whale recently swapped 4,849 $WETG (worth around $18.5 million) for 715.8 billion $SHIBs, causing its price to surge by 4.6%.
The platform also noted that the whale appears to be trying to buy $SHIB coins at discounted prices when market sentiment is not very high. It the sudden accumulation of tokens aligns with speculation from the crypto community about a potential price surge similar to the bull run in 2021.
SpotOnChain revealed that this crypto whale had traded over 8.29 trillion $SHIBs between February 2021 and June 2022. It pointed out that most of the traded coins were purchased in early March 2021 and sold during the significant market surge in October to November 2021. As a result, the investor made approximately a $145 million profit, representing a remarkable 5,201% growth from the initial purchase.
The wallets associated with the whale currently hold 9,207 $ETH and $WETH (worth around $24.9 million), and the platform speculates they may purchase more Shibainu tokens.
So far this year, crypto whale activities in the altcoin industry have been on the rise, and speculations abound about how their large transactions might target shifting the market sentiment. Recently, a whale moved over 77 million XRP coins worth $39.8 million from Binance to an unknown wallet. Whale Alert announced this massive movement on June 3, noting that the entity made these transfers via two transactions within a few hours.
Notably, XRP recorded a 0.88% increase from its trading price 24 hours after the news broke, even though it had declined to a three-year low against Bitcoin in May 2024.
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