Shiba Inu (SHIB) accumulation by new market entrants is on the rise, lending optimism on the potential impact on price.
According to data from the crypto analytics platform Lookonchain, Shiba Inu is one of the altcoins stacked by new buyers on platforms like Binance and Gate.io. When Lookonchain published the update, more than 1.44 trillion Shiba Inu worth approximately $13.36 million have moved out of exchanges in 48 hours.
These withdrawals are pivotal considering how the price of Shiba Inu is consolidating with market bears overshadowing the ecosystem. The digital currency is trading for $0.000009498, down by 0.27% in the past 24 hours and atop a market cap of $5,595,941,220. The trading volume has seen an uptick, jumping 67% to $299,163,269.
Emphatic Shiba Inu Accumulation
The Shiba Inu whale accumulation came as a defined move as it involves split buying over some time. The particular whale with the address “0xF633Cd….3493Bbac” started the accumulation of Shiba Inu on Binance where an initial tranche of 400,000,000,000 SHIB was scooped up.
About an hour later, the whale also received 146,342,102,182.77 SHIB bringing the total Shiba Inu bought from Binance to 546,342,102,182.77 SHIB worth $5189157.2865 at the current market value.
— Lookonchain (@lookonchain) January 9, 2024
The buying spree soon shifted to Gate.io where the same whale started with the accumulated initial batch of 32,913,563,627.61 SHIB. Afterward, the single largest accumulation initiated came when the whale’s wallet received 499,999,665,444.45 SHIB. The whale capped the observed SHIB accumulation on Gate.io with 362,134,360,200.61 SHIB buyup.
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Can These Buyups Change Price Outlook?
Shiba Inu is an established community token that can benefit from sustained individual accumulations of this nature. In the past month, at least 5 whales, including Tron’s Justin Sun have emerged with massive SHIB stack-up, a move that can help limit the supply of SHIB tokens in circulation.
These supply constraints, complemented by the consistent burn rate can impact price in the long term should demand for SHIB in the ecosystem grow over time. This is where Shibarium and the applications building on it come in as new use cases may enhance the need for SHIB and help complete the cycle that can eventually uplift prices.