Cryptocurrency enthusiasts have witnessed an extraordinary scenario over the past hour when several whales purchased an intense amount of meme coin Shiba Inu (SHIB) in a short period of time. Data published by Etherscan reveals that a total of 8.36 billion SHIB coin were bought anonymous whales, who transferred 1.06 billion, 4.9 billion, and finally two further transactions transferring 1.2 billion SHIB each. One of these transfers moving 1.2 billion SHIB was made from the OKX exchange to an anonymous address, indicating that the bulk of a cryptocurrency was purchased.

According to analysis of the wallets used in these transfers, the majority of the destination addresses are believed to be newly opened wallets, predominantly containing the SHIB that was bought. One address, in particular, is holding 5,461,811,212 SHIB in total. Additionally, one of four of these addresses has sold the SHIB it purchased soon after.

The meme coin has since lost around 9% of its value since last Wednesday, dropping from $0.00001147 to $0.00001037. SHIB has since failed to recover for multiple times, recapitulating the plummeting of Bitcoins' value from around $30,000 to $27,666.

This unusual surge of Shiba Inu’s (SHIB) purchase may be seen as a sign of enthusiasm amongst anonymous whales to acquire the coin even with its declining value. Thus, analysts are expecting the Shiba Inu (SHIB) to reclaim the losses it made in the last week, as well as to follow Bitcoin's trend of rising after the recent market plunge. Nevertheless, crypto-investors are encouraged to remain cautious and assess the potential risks, while they look to invest in SHIB or any other cryptocurrencies.



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