Shiba Inu (SHIB), the meme-inspired cryptocurrency, has been on a tear, surging 52% in the last 24 hours and a staggering 289% in the past week. This remarkable price increase coincides with a rise in whale activity, with a recent on-chain transaction capturing the attention of the crypto community.
Whale Makes Splash with $41 Million SHIB Transfer
Blockchain data reveals that an unknown entity transferred 1.25 trillion SHIB, valued at over $41 million, on March 5th. This massive movement originated from Cumberland, a prominent crypto trading firm, and landed at Robinhood, a popular cryptocurrency exchange.
While the exact identity behind the transaction remains a mystery, the source points towards Cumberland potentially facilitating the transfer on behalf of a high-profile client. This client could be a crypto hedge fund or a venture capital firm making a significant investment in Shiba Inu.
Shiba Inu Wallet Reveals Major Holdings
The recipient wallet, with ties to Robinhood, now holds the transferred SHIB as its largest holding. At the time of writing, this address boasts over $435 million worth of crypto assets, with SHIB making up a significant portion of the portfolio at $345 million. Chainlink (LINK) and Aave (AAVE) round out the top three holdings.
Also Read: Shiba Inu (SHIB) Outperforms Market, Leaps 64%, Kusama Hints at Price Above $0.00012
Shiba Inu Eyes Return to 2021 Glory
This whale movement coincides with a broader market surge for Shiba Inu, which recently reached $0.00045, a price last seen in December 2021, just two months after its all-time high. While the token has slightly retreated since, the surge in trading volume suggests a potential attempt to reclaim its 2021 highs.
Despite currently sitting 56% below its all-time high, Shiba Inu’s recent performance and the whale activity have instilled renewed optimism among investors and enthusiasts. Whether the token can reach its previous glory remains to be seen, but this recent development has undoubtedly fueled the market’s excitement around Shiba Inu’s future potential.
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