Amid the current craze surrounding memecoins, a significant cryptocurrency investor has begun actively accumulating Shiba Inu ($SHIB), investing millions into the meme-inspired cryptocurrency to amass billions of tokens.
According to on-chain analysis service Lookonchain, this investor, known for previously profiting over $120 million from SHIB, recently purchased 4,849 ETH worth approximately $18.44 million, acquiring 715.9 billion SHIB tokens.
Shiba Inu Whale’s Strategic Accumulation
The trader, known for past successes, has shown a strategic approach to accumulating Shiba Inu ($SHIB). Previously, they spent $400,000 to acquire 5.5 trillion SHIB, which they later sold for approximately $121 million during market peaks.
Lookonchain. Source: X
Recently, the buying spree continued with meticulous planning. The whale first purchased 149.3 billion SHIB tokens for $3.83 million, followed swiftly by an additional 173 billion SHIB tokens. Within a three-hour timeframe, they accumulated a total of 323 billion SHIB tokens, spending an additional $8.29 million.
In addition to these significant acquisitions, developments within the Shiba Inu ecosystem have contributed to the recent price surge. Shibarium, the Layer-2 scaling solution, has made substantial advancements this year. This progress has bolstered the network’s capability to efficiently handle increased transaction volumes.
Shiba Inu Ecosystem Advancements
The Shiba Inu ecosystem continues to expand with promising initiatives. The Shibdentity project aims to introduce a new era of digital identity, enhancing the utility of the $SHIB token. Additionally, the launch of the Sheboshis NFT collection, featuring 20,000 digital avatars on the Ethereum blockchain, enriches the Shiba Inu universe with creative assets.
In a significant boost to its development, Shiba Inu secured a $12 million funding round from prominent investors such as Polygon Ventures, Mechanism Capital, and Animoca Brands. This funding is earmarked for the advancement of a privacy-focused Layer-3 blockchain, further enhancing the ecosystem’s infrastructure.
Moreover, the integration of Shibaswap, the decentralized exchange, with Shibarium marks a significant stride towards a more comprehensive and robust ecosystem. These developments have propelled SHIB to briefly surpass Cardano, achieving a position among the top 10 cryptocurrencies by market capitalization.
Important:Ā Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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