A mysterious whale acquired a whopping $6 million worth of Shiba Inu (SHIB) tokens within 24 hours.

Whale Alert, a reputable blockchain tracking platform, disclosed this eyebrow-raising transaction, revealing that the investor procured a staggering 708.41 billion Shiba Inu tokens, valued at $5.99 million, from cryptocurrency exchange Gemini.

Notably, this significant accumulation unfolded through a single transaction.

The development comes barely a week after another whale moved 4.67 trillion SHIB tokens, valued at around $38.7 million, to another wallet, all within a single transaction. Wealthy Shiba Inu holders have amassed around 5 trillion SHIB tokens, equivalent to a staggering $44 million over the last week.

This increased level of activity by whales comes following the launch of Shibarium – Layer 2 solution, which catapulted Shiba Inu into the limelight and drew significant attention from both investors and exchanges on a global scale.

CoinGecko, a leading platform for aggregating cryptocurrency data, currently ranks the Shiba Inu token as the second most trending cryptocurrency in the world, trailing closely behind PEPE and surpassing Dogecoin.

This remarkable surge in interest has also been evident in the data provided by WazirX, India’s premier cryptocurrency trading platform, which recently positioned Shiba Inu as the fifth most traded cryptocurrency on their exchange in July.

Mass Adoption For SHIB on The Way

The path to widespread acceptance recently received a momentous catalyst through Binance’s strategic launch of its crypto payment platform, Binance Pay, within the dynamic Brazilian market. Considering Brazil’s status as home to the largest community of cryptocurrency users, this partnership could ignite the potential for a sweeping era of mass adoption for SHIB.

Earlier this month, WireX, the innovative banking alternative, celebrated SHIB for joining its platform. With this strategic inclusion, a vast user base of 5.5 million individuals gained seamless access to purchase, trade, and utilize SHIB across a staggering network of more than 81 million global retailers.

Of particular significance, SHIB has been riding the crest of a surge in wallet activity. Crypteye’s data underscores this trend, revealing that the total number of SHIB holders has surged past 2.4 million, a noteworthy escalation from the 2.06 million recorded on the same date just a year ago.

Meanwhile, amid these developments, SHIB’s price has remained suppressed in the past few weeks despite a spirited surge before the launch of Shibarium. At press time, the meme coin was trading at $0.0000073, down 3.14% in the past 24 hours, as per CoinMarketCap data. 

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Filed under: Bitcoin - @ September 10, 2023 8:43 pm