Cryptonian

02/17 07:20

Shiba Inu Whale Scoops 50 Billion SHIB

There’s been much hype around Shibarium since 2023 has started. It is a Layer 2 solution proposed by Ryoshi, the creator of Shiba Inu. Shytoshi Kusama – the lead developer and cofounder of the Shiba Inu ecosystem – has been teasing the release ever since.

Whales have also been roused by the hype surrounding the Shibarium upgrade. According to CoinGecko, this resulted in the token gaining 14% in the bi-weekly time frame, and currently trading at $0.00001312.

The day after Valentine’s, whales accumulated over 50 billion SHIB worth more than $600,000 during the time of the transaction. This comes after the same whale disposed of some 70 billion SHIB last week valued at around $956,200.

Last week, the broader financial market experienced a selloff with both equities and crypto sustaining losses. This has been caused by uncertainty in the macroeconomics of the United States and globally.Increased Whale Activity And Improving Macros
SHIB has been a favorite of whales for a long time. According to WhaleStats data, the token is the third most held cryptocurrency with an average amount held of over $6.8 million.

At the time of writing, the whale holds a staggering 13.7 trillion SHIB worth about $187,600,000.

The recent whale accumulation might be a sign that whales are willing to take more risk for long term gain. This positive sentiment reversal came after the release of the month on month consumer price index report.The US Federal Reserve recently released multiple macro indicators that show a somewhat improving macro situation. MoM CPI stood stagnant at 0.5% with the year on year CPI going down from 6.5% to 6.4%.

Consumer spending has also increased, showing that individuals have more confidence in the macroeconomic situation. These are signs of the Fed’s aggressive quantitative tightening measures.

However, with the CPI still being high, the central bank might enact more interest rate hikes. This hawkish sentiment has already been explored, with the Fed eyeing more interest rate hikes since its last rate hike.

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