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  • Shiba Inu Accumulation: You Won’t Believe How Much SHIB Whales Have Bought

    Shiba Inu Accumulation: You Won’t Believe How Much SHIB Whales Have Bought

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    Shiba Inu is up by 12.15% in a 7-day timeframe as investors continue to accumulate cryptocurrencies in the wider crypto market. However, on-chain data has shown that accumulation has been going on for a while, with SHIB whales now accumulating $300 million in the past three months. 

    Shiba Inu Whales Have Been Accumulating Large Amounts Of SHIB

    On-chain data from IntoTheBlock has shown that SHIB whales, meaning large holders, have been accumulating huge amounts of SHIB over the last few months. Large holders in the Shiba Inu ecosystem are divided into 12 whales (those with more than 1% of circulating supply) and 47 investors (those with more than 0.1% of circulating supply). These top SHIB wallet addresses have added an increase of +33.17%, around $300 million worth of SHIB in just the last 90 days.

    Data from the on-chain tracker Whale Alerts has shown various massive transfers during this time period. When investors accumulate large amounts, it often signals an incoming price rally. 

    These massive accumulations by large holders point to their bullish belief in SHIB, despite the crypto having a weak momentum before the ongoing spike in the crypto market. 

    This accumulation can, for the most part, be traced back to the introduction of Shibarium. The layer-2 solution developed by Shiba Inu, known as Shibarium, has had a good deal of success. At the time this article was written, the Shibarium blockchain had a total of 3,685,073 transactions and 1,257,858 wallet addresses.

    SHIB Future Outlook

    SHIB has had a price spike in relation to the ongoing inflow of funds into the crypto market currently being spearheaded by Bitcoin. At the time of writing, SHIB is trading at $0.00000784 after facing rejection at the $0.0000082 mark. 

    Bulls have defended the $0.0000061 support level and $0.0000077 levels very strongly to form support after the price tested the latter level multiple times. A sustained move above $0.0000082 could send SHIB skyrocketing to its August high of $0.00001137.

    Large SHIB holders now hold 71% of the total circulating supply, and some of them can manipulate the price to their advantage. While whale accumulation is a positive sign, there are other things to consider regarding SHIB’s price outlook. On the other hand, the Shiba Inu developers and team leaders have pointed at upcoming projects in the ecosystem, one of which is a stablecoin based on Shibarium. If successful, a SHIB-based stablecoin could attract new investors to the Shiba Inu ecosystem, leading to a strong SHIB price spike.

    SHIB price readies to test $0.000008 | Source: SHIBUSD on Tradingview.com

    Featured image from iStock, chart from Tradingview.com

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    Scott Matherson

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  • Shiba Inu Community Tracks Down Founder’s Wallet, You Won’t Believe How Much It Holds | Bitcoinist.com

    Shiba Inu Community Tracks Down Founder’s Wallet, You Won’t Believe How Much It Holds | Bitcoinist.com

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    Recent reports about Shiba Inu’s pseudonymous founder Ryoshi by the Shiba Inu community after tracking the founder’s wallet have sparked controversy within the Shiba Inu ecosystem.

    Shibburn Claims Ryoshi Holds $1 Billion In Shiba Inu

    According to an X (formerly Twitter) post by Shibburn, the Shiba Inu community-driven burn tracker, the burn tracker has claimed that Ryoshi holds a significant $1 billion worth of SHIB tokens amounting to over 10% of the token total supply. The claims basically contradict the previous belief about Ryoshi that he had no SHIB holdings.

    The foundation of the tracker’s claims can be traced back to the historical data from Bubble Maps, a renowned on-chain analytical platform. In January 2023, it showed that a considerable amount of the SHIB supply was under the control of a group of wallets purportedly linked to Ryoshi. 

    In addition, the data asserts that these wallets already started to collect SHIB tokens as of August 2020. This was performed with the native wallet, identified as 0x1406, which for a small initial deposit of 38 ETH, or $10,000 at the time, accumulated an astounding 103 trillion SHIB tokens.

    The wallet reportedly held over $5 billion in assets as Shiba Inu’s market capitalization surged to $40 billion two years ago. The assets in the wallet were later distributed into several smaller new wallets, which have remained dormant, with no activity since creation.

    Shiba Inu Market Capitalization at $4.7B | Source: Tradingview.com

    In its meticulous pursuit of preventing detection, Bubble Maps has since tracked the movement of these wallets and highlighted attempts to disperse cash into smaller ones.  This has since caused quite a stir in the Shiba Inu community, giving rise to concerns about the project’s transparency.

    Given that the aforementioned wallets have held the tokens without any sales, some cryptocurrency aficionados do not believe that this kind of disclosure is essential highlighting concerns that hackers may get interested in the wallets.

    So far, Ryoshi has not responded to these claims. However, the project’s marketing specialist Lucie, recently took to her official X handle to express her displeasure about the claims, highlighting them as misinformation.

    According to Lucie, those wallets were created prior to the 2021 bull market and they do not belong to Ryoshi.

    Shibburn Address Community Frustrations

    The post from Shibburn came as a response to heightened confusion among the media outlets, emerging investors, crypto exchanges, and the crypto community at large regarding the ownership and control of the Shiba Inu project. 

    According to Shibburn, there are no official tokens, and not a single entity controls the SHIB tokens, highlighting that it seems like an ongoing campaign to push the opposite.

    “Please remember that no one controls $SHIB, therefore, it doesn’t have anything official or any tokens linked to it. It feels like there’s an ongoing campaign to push the opposite,” it stated.

    The Shiba Inu tracker further asserts that they encountered resistance following the announcement made by the Shib Association, which raised bickering in the community. The team also stated that they were held accountable for not working in line with Ryoshi’s vision.

    Featured image by Figma, chart by Tradingview.com

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    Godspower Owie

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