Whale accumulates 1.5 trillion SHIB causing surge in price.

The world of cryptocurrencies is buzzing with a major development surrounding Shiba Inu (SHIB). Lookonchain, an on-chain analyst platform, reported a transaction involving a significant accumulation of Shiba Inu tokens by a major holder. This transaction took place on notable exchanges such as Binance and Coinbase and has made waves in the crypto community. According to Lookonchain’s data, a SHIB holder, identifiable by the address “0x40B3,” has recently added a colossal 1.5 trillion SHIB tokens to their portfolio, which translates to approximately $10 million at current market rates. Notably, this particular holder, “0x40B3,” has a history of substantial SHIB purchases. The holder had previously acquired 5.3 trillion Shiba Inu tokens, translating to around $35.5 million.

The acquisition of the recent 1.5 trillion SHIB tokens by “0x40B3” had an immediate effect on the SHIB price. In just 15 minutes following the acquisition, the price of Shiba Inu surged over 1.5%. This brief window of time encapsulated the influence wielded by “whales,” or large-scale investors, over the price volatility in the cryptocurrency markets. Moreover, the SHIB price appears to be on a recovery path, with an uptick of nearly 25% since its recent low of $0.00000591 last Saturday.

Meanwhile, Shiba Inu has shown a continuous uptick in the past 24 hours. SHIB which is one of the largest meme coins by market capitalization has recorded a brewing rally up by 3% in the past 24 hours. At the time of writing, Shiba Inu currently trades at $0.00000678 after trading below $0.00000600 on Tuesday. Interestingly, despite the current uptick, SHIB’s trading volume has plunged a bit from $185 million this time last week to $104 million in the past 24 hours. However, the meme coin’s market capitalization has seen a more than $700 million loss in the past 7 days. SHIB’s market cap has plunged from $4.7 billion last Tuesday to $3.9 billion as of today.

In other news, the upcoming launch of Shibarium has cast a cloud of uncertainty over the Shiba Inu community due to some recent developments. Initially, LucieSHIB, a well-known advocate for Shiba Inu, set expectations for the launch of the eagerly awaited Shibarium mainnet, suggesting a timeframe between the second and third quarters of 2023. Nonetheless, according to recent posts from the same individual, the launch might experience a postponement from its initial projected timeline, causing a wave of speculation among market participants and aficionados.