This whale bets a lot on Shiba Inu as the price of SHIB increased by 6% daily

Since meme coins have generated a buzz all year, whales have doubled down on accumulating these tokens.

One such whale has been massively accumulating Shiba Inu (SHIB) tokens, spending 4,849 eth, worth around $18.44 million, to purchase a whopping 715.9 billion SHIB in the span of just six hours.

This is an extraordinary buying spree, even for this particular investor, who has had incredible success with SHIB in the past.

SHIB accumulation surge

According to Lookonchain x.com/lookonchain/status/1798254866227433887″ target=”_blank” rel=”noopener” data-wpel-link=”external”>analysis, this same trader had previously spent only about $400,000 to acquire 5.5 billion SHIB tokens from the start. They then sold those holdings at two separate peaks for a combined total of approximately $121 million, netting them more than $120 million in profits from their initial investment in SHIB.

The latest accumulation suggests that the trader may be positioning himself for another speculative run on the popular meme coin after already making astonishing gains.

A whale made a series of massive purchases of Shiba Inu tokens. Initially, they acquired 149.3 billion SHIB by spending around 1,000 wrapped ethereum (WETH) worth $3.83 million. The whale continued to accumulate and shortly after bought an additional 173 billion SHIB. In a span of three hours, the entity exchanged a total of 2,188 WETH, valued at $8.29 million, to accumulate 323 billion SHIB tokens.

Amid growing accumulation, SHIB was trading at $0.000025, up almost 9% in the last 24 hours.

Shiba Inu ecosystem emerges with key developments

The Shiba Inu ecosystem has undergone several major developments that likely contributed to the token's price rise. Shibarium, the Layer 2 scaling solution, made notable progress this year, improving the network's ability to handle higher transaction volumes while maintaining efficiency.

Additionally, the Shibdentity initiative introduced a new era of digital identity, while the Sheboshis nft collection of 20,000 digital avatars was launched on ethereum.

To further bolster the ecosystem, Shiba Inu announced a $12 million funding round from key players such as Polygon Ventures, Mechanism Capital, and Animoca Brands, to develop a privacy-focused Layer 3 blockchain.

The integration of decentralized exchange Shibaswap with Shibarium also took place in May 2024, expanding the capabilities and reach of the ecosystem.

The whale's latest purchase came amid a resurgence in SHIB prices over the past day, when the asset rose 6% along with the rest of the market.

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