An early investor in Shiba Inu, whose wallet had been inactive for 2.6 years, has suddenly come back to life, making a significant purchase of 323 billion SHIB tokens using wrapped Ethereum (WETH) in just three hours.
The blockchain monitoring platform, Spot on Chain, was quick to notice this whale’s sudden activity, shedding light on the importance of these transactions. This wallet had initially received 167 billion SHIB tokens in April 2021, shortly after the launch of Shiba Inu, from one of the earliest whales in the ecosystem.
After holding onto the tokens for a few months, the whale staked the entire amount in July 2021, only to unstake them in October of the same year, making a profit of $5 million. Following this, the whale decided to sell off all 167.012 billion tokens, ending their Shiba Inu holdings at that time.
Recently, with the bull market gaining momentum, the whale address became active again, executing an impressive 156 transactions involving millions to billions of SHIB tokens in just over two hours. By the time of Spot on Chain’s initial report, the whale had already acquired 149.3 billion SHIB using about 1,000 wrapped Ethereum (WETH), valued at $3.83 million. Subsequently, the whale continued to buy, adding an additional 173 billion SHIB tokens to their portfolio.
This resurgence in activity has caught the attention of many in the cryptocurrency community, sparking speculation about the whale’s intentions and the impact it may have on the market.