Buying The Dip? Shiba Inu Whale Activity Surges As Price Declines Nearly 10%

Samuel Edyme

1 year ago

3 mins read

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Shiba Inu (SHIB), a dog-inspired meme coin, originally dismissed by many as just another fleeting fad, is now drawing serious attention from big players, or “whales,” in the crypto space. This attention comes amid the tokens’ recent sloppy launch of its other project, Shibarium.

Blockchain security team Beosin recently reported that the newly deployed Shibarium platform has had transactions stalled in a pending state, tying up approximately 1,003 ether, equivalent to $1.8 million in locked funds.

🚨Transactions on #Shibarium are stuck in a pending state.
$1.7M are currently locked on ETH.

Users are advised to temporarily stop using shibarium.https://t.co/io5puAibBc https://t.co/q2SXqtthoO

— Beosin Alert (@BeosinAlert) August 17, 2023

This sloppy launch has affected the SHIB token negatively seeing the tokens’ price decline by nearly 10% over the past 24 hours. However, despite this plunge whales are reportedly still making moves on Shiba Inu.

Shiba Inu Whale Activity Surges

According to Santiment, a prominent blockchain data firm, there has been a noticeable increase in transaction activity by whales across several digital currencies, including SHIB and XRP.

🐳 As the crowd feels the pain, there are several assets seeing an increase in whale activity. As they attempt to capitalize on the discounted prices, read about the four projects we’re seeing some notable activity rises: $SHIB, $XRP, $SAND, & $CAKE https://t.co/SnuKebg7h1 pic.twitter.com/VWKlH95yU0

— Santiment (@santimentfeed) August 17, 2023

Specifically, for Shiba Inu, the numbers are compelling. Santiment’s data shows that there’s been a surge in transfers of SHIB valued at $1 million or higher.

According to Santiment, a possible reason for the increase in whale activity could be that these large investors are attempting to “capitalize on discount prices” of Shiba Inu and the other cryptocurrencies recording a surge in whale activity

Furthermore, this uptick in activity closely follows significant events in the Shiba Inu ecosystem, particularly the mainnet launch of Shibarium, which could be another contributing factor.

Shibarium represents a crucial advancement for the SHIB community and its broader ecosystem. And though its launch didn’t go as planned, its introduction likely plays a role in attracting these large investors and traders to SHIB, looking to capitalize on new opportunities brought about by the platform’s capabilities.

SHIB Declines Nearly 10% In The Past Day

Over the past 24 hours, Shiba Inu has been in red regardless of the surging whale activity. Particularly, the dog-inspired meme coin has recorded a loss of 9.9% over this period and with a current market price of $0.0000087, at the time of writing.

Shiba Inu (SHIB)’s price chart on TradingView — Shiba Inu (SHIB)’s price is moving sideways on the 4-hour chart. Source: SHUB/USDT on TradingView.com

This plunge is also reflected in the asset’s market capitalization which has seen a substantial loss of more than $600 million in the past day. Interestingly, despite the blood bath, Shiba Inu’s daily trading volume has remained resilient.

Over the past day, SHIB’s trading volume has hovered above $450 million and currently stands at a value of $461 million at the time of writing.

Featured image from Unsplash, Chart from TradingView

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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