Why Are SHIB Whales Accumulating Trillions of Shiba Inu Tokens Now?
Shiba Inu has always been an explosive cryptocurrency to watch ever since it was launched. Even though it has become one of the largest coins by means of total market capitalization, its sudden moves are as surprising as they’ve ever been.
Now, it appears that whales are starting to take note and accumulate tremendous numbers of SHIB tokens. But Why?
SHIB Whales Accumulate Trillions of Coins
Noted in two separate transactions by the popular whale monitoring account Whale Alert, Shiba Inu seems to have new whales on board.
First, on August 6th at around 16:00 UTC time, a whale bought a total of 4,412,252,578,938 SHIB.
— Whale Alert (@whale_alert) August 6, 2023
As you can see, someone added a whopping $40.6 million worth of SHIB in a single transaction. The second one took place on August 7th, again at around the same time. This time, a different whale bought 4,367,252,578,938 SHIB worth just shy of $40 million.
So why are big accounts accumulating millions worth of SHIB right now? Do they know something we don’t?
One Possible Reason
One possible reason behind this behavior could be the anticipated launch of Shiba Inu’s own blockchain network – Shibarium. Its launch is supposedly slated to happen this month.
As CryptoPotato reported earlier in July, the Shibarium Beta Bridge went live for public testing.
Back in June, one of the lead developers of the Shiba Inu ecosystem revealed that the Shibarium launch will include interesting functionalities. It will let users link NFTs to real-world assets to provide authentication and proof-of-ownership for physical items.
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