Ethereum Whale Acquires Billions of Shiba Inu (SHIB)

As transparency in blockchain reveals, a significant Ethereum whale has purchased billions of Shiba Inu (SHIB), the meme-inspired cryptocurrency.

According to Arkham Intelligence data, an unknown ETH holder at address 0xE996 acquired approximately 64.8 billion SHIB, valued at about $834,620, within the last eight hours. This marks the first interaction of this investor with Shiba Inu, although it is not their initial transaction with this wallet, which previously held 1,680 ETH (roughly $3.34 million) along with various Ethereum-based cryptocurrencies like LINK, AVAX, AAVE, PAXG, and BNB.

The overall balance of this wallet now exceeds $5.14 million. Unusually, all these cryptocurrencies were purchased in the last eight hours, including SHIB. The last transaction before this was made two months ago.

The address suddenly began receiving significant cryptocurrency amounts again, accumulating $5 million within a few hours. Furthermore, all receipts originate from three unidentified addresses, which collectively hold around $5.2 million in crypto assets. This suggests that the addresses may belong to a single entity, and their lack of connections to major exchanges further supports this hypothesis. It could potentially be an individual investor, market maker, or fund manager.

Regardless, a notable shift in Ethereum-based cryptocurrencies is evident, with Shiba Inu at the forefront of this trend. This meme-inspired cryptocurrency, often regarded as speculative, is now attracting interest from wealthy investors, though the reasons behind these substantial transactions remain ambiguous.