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Shiba Inu Coin: SHIB Price Soars As Whale Bags 715B Coins

Shiba Inu Coin: SHIB price jumped about 10% after an early investor who previously profited $145 million bought an additional 715 billion coins, indicating renewed interest in the meme coin.
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Shiba Inu Coin: SHIB Price Soars As Whale Bags 715B Coins

Highlights

  • An early SHIB investor re-entered the market, purchasing 715.8 billion SHIB for $18.5 million.
  • The whale's buy increased SHIB's price by nearly 10%, reflecting growing investor confidence.
  • The investor previously made $145 million in profits, showcasing SHIB's potential for significant gains.

Shiba Inu Coin has captured investors’ attention with SHIB price soaring nearly 10% today amid significant whale accumulation. Notably, a recent report showed that an early buyer, who previously made $145 million from SHIB, is once again amassing the meme coin. This renewed interest seems to have pumped the SHIB’s price while indicating growing investor confidence in the meme coin.

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Massive Whale Accumulation Sparks Optimism

Spot On Chain reports that an early SHIB investor, who had gained $145 million in profits, has re-entered the market after two years. In the past five hours, this entity swapped 4,849 WETH, worth $18.5 million, for 715.8 billion SHIB. Notably, this massive purchase has significantly pumped the price of Shiba Inu.

Meanwhile, the report also suggests that the recent accumulation has bumped up the SHIB price by around 10%. Notably, the recent Spot On Chain transaction details highlight the entity’s current holdings of 9,207 ETH and WETH, valued at $34.9 million, suggesting the potential for further SHIB purchases.

Previously, this investor traded 8.29 trillion SHIB between February 2021 and June 2022, making substantial profits by buying early in March 2021 and selling during the major price surge in October-November 2021. This strategy resulted in an estimated profit of $145 million, representing a remarkable 5,201% gain.

Source: Spot On Chain

Also Read: Toncoin (TON) Price Rallies To ATH: Further Gains or Decline?

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SHIB Price Rallies Amid Growing Investors’ Confidence

The whale’s recent activity has not only boosted SHIB’s price but also reflects increasing investor confidence in the meme coin. Besides, the substantial investment from an experienced trader indicates a bullish sentiment, which could attract more investors to the market.

Meanwhile, this significant whale activity aligns with broader trends in the cryptocurrency market, where strategic investments by major players often lead to notable price movements. The early investor’s re-entry into SHIB after a successful trading history adds credibility to the meme coin’s potential for future gains.

In addition, the SHIB community is likely to view this whale accumulation as a positive sign. Large-scale purchases can signal confidence in the asset’s long-term value, encouraging other investors to follow suit. Besides, the recent whale accumulation comes after a massive spike in the SHIB burn recently, which seems to have further fueled investors’ confidence.

As of writing, Shiba Inu price was up 9.70% and exchanged hands at $0.00002612, while its one-day trading volume jumped 27% to $822.54 million. Over the last 24 hours, the meme coin’s price has touched a high of 0.00002617, with CoinGlass data showing that its Open Interest rose 13.25% to $102.49 million.

Also Read: Bitcoin ETF Sees Second-Highest Inflow As BTC Flashes Buy Signal

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

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