Shiba Inu whale accumulates over 397.8 SHIB amid market volatility

A single wallet recently accumulated 397.845 billion SHIB tokens despite fluctuating market conditions. The value of the wallet’s holdings is $5.21 million, showing sustained interest in Shiba Inu despite the uncertainties in the market.

Wallet holdings – Source: Arkham Intelligence

On-chain records show that the wallet has actually lost $23,870 because of the fluctuating prices of SHIB. Regardless, the owner has been consistently acquiring SHIB tokens without making any transactions.

Whales increase SHIB holdings despite losses

The ups and downs in earnings from this wallet highlight Shiba Inu’s unpredictability. At first, things stayed relatively steady, with only minor shifts in cumulative profits and losses, until a hit on August 12 caused a drop that was somewhat balanced out by a bounce back the next day.

Cumulative profit and loss- Source: Arkham Intelligence

Additional fluctuations occurred on August 15 and 16, with further value decreases experienced by the wallet; however, these declines were not as severe as those seen on August 12.

Notably, Shiba Inu whales and sharks have been increasing their holdings recently by adding over 4.35 trillion SHIB tokens between March and mid-May. On May 2nd, an anonymous wallet withdrew 1.75 trillion SHIB tokens from Robinhood, continuing an accumulation streak amid a price decline.

As of August 12th, 1.36 million addresses were holding Shiba Inu tokens, with prices hovering around $0.000014. The interest from small retail investors has seen significant growth as the number of addresses holding between 0 to 1 million SHIB increased by about 1.58% over the past month.

Recent on-chain data shows a sharp drop in the volume of large transactions, suggesting that whales, usually market movers, are lowering their exposure to SHIB. A seven-day high of 46 transactions on Aug. 9 was surpassed by just 39 large transactions over the previous day.

Shiba Inu sees major bleeds, loses 18.75% in two weeks

As of August 1, 2024, Shiba Inu’s price was $0.000016, reflecting a heavily pressured correction phase. Buyers are struggling to regain control, with SHIB failing to sustain its breakout rally. After starting the year below $0.000010, the price has dropped 18.75% over the last two weeks.

If the SHIB price rises above $0.00003682 and continues to do so, it could reach the target of $0.00006697 in 2024. Yet, if the price reverses, it undoubtedly could drop to $0.000010. Overall, the outlook for Shiba Inu is positive, although there’s a decline risk attached to it.

Himanshu Maradiya, founder and chairman of CIFDAQ Blockchain Ecosystem, stated that predicting the future price of Shiba Inu (SHIB) is challenging due to its highly speculative nature and the volatility inherent in the cryptocurrency market.