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Shiba Inu (CRYPTO: SHIB) is trading 5% higher as meme coin market capitalization stands 15.8% higher in the past 24 hours.
The token, nicknamed “Dogecoin Killer,” is seeing a surge in short-term holders and whale transactions.
What Happened: Arkham Intelligence data shows an unknown entity that purchased a whopping 332.665 billion SHIB tokens, worth $8.62 million. The transaction was carried out in two tranches. The first tranche was for 320.99 billion SHIB tokens and the remaining in the second tranche from the crypto exchange, Bitvavo.
At the time of writing, the whale address which holds only the SHIB token is valued at $9.02 million.
The accumulation comes on the heels of Shiba Inu's marketing lead Lucie disclosing a 40 million SHIB token accumulation. The announcement came on X with a post stating, "Bought the Dip. I'm expecting ATH soon before or shortly after BTC halving."
Why It Matters: NewsBTC cited IntoTheBlock data to highlight that more than 23 trillion SHIB moved from the hands of long-term holders into the wallets of short-term holders in the past four days.
The metric "Balance by Time Held" points out to a 385% surge in traders holding the token for less than a month in the past month while long-term holders and cruisers (1 to 12 months) reduced their balance by 9.27% and 11.30%, respectively.
While the past month’s gains for SHIB stand at 189.1%, a fall in the long-term holders jeopardizes SHIB's longer-run performance.
Despite the uncertainty surrounding the memecoin, the Shiba community continues to add positivity to the token. After trading platform Crypto.com highlighted Shib as the second most valuable meme-inspired project, the official X page of SHIB hinted at being a threat to Dogecoin's top position and upcoming optimism.
With a mixed bag of positive sentiments and some concerning factors, what awaits the Shiba Inu price will be intriguing to watch.
Posted In: $SHIB
