One of the largest holders of Shiba Inu (SHIB) in existence just switched back into accumulation mode.
About ten days ago, as Bitcoin and the crypto markets began a significant pullback, the whale let go of 70,000,000,000 SHIB worth $956,200.
Now, the crypto giant appears ready to dive back into the market.
About 24 hours ago, the whale added 50,000,000,000 SHIB worth $683,500 to the wallet. Since that move, SHIB has rallied 8.1% to its current price of $0.00001367.
At time of publishing, the whale holds a staggering 13,738,398,731,474 SHIB worth about $187,600,000.
According to the crypto whale aggregator WhaleStats, Shiba Inu is now the third-largest altcoin holding among Ethereum whales, behind USD Coin (USDC) and Tether (USDT).
SHIB has soared in 2023, driven in part by plans to launch Shibarium, which is a layer-2 network designed to make SHIB transactions more efficient and allow users to create custom tokens, similar to Polygon (MATIC).
SHIB began the year at $.00000814 and at its current price of $0.00001367, the altcoin is up 67%.
Despite the big rally, SHIB remains 84% below its all-time high of $0.00008616, which the coin hit on October 28, 2021.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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Featured Image: Shutterstock/Dukenod/WindAwake