According to the latest data from blockchain analytics platform Arkham, a prominent Shiba Inu (SHIB) whale has made a major addition to its already sizeable SHIB position.
The whale, identified by the Ethereum wallet address 0x9d9…Eb2d6, has increased its SHIB holdings by an additional $2.54 million.
This latest accumulation brings the whale’s total SHIB position to an astounding $21.72 million.
The whale’s SHIB purchasing activity has been closely monitored over the past several months. In June and July of this year, the wallet address had already accumulated $11.07 million worth of the meme cryptocurrency.
Now, just a month later, the whale has withdrawn a further 546.7 billion SHIB tokens, valued at approximately $1.04 million, from the Coinone cryptocurrency exchange.
This steady and substantial accumulation demonstrates the whale’s strong conviction in Shiba Inu as an investment.
Profitability of the Whale’s SHIB Position
The whale’s cost basis for the SHIB tokens acquired in the June-July period was around $0.00001727 per token.
With the current SHIB market price standing at $0.00002599, the whale has achieved a significant floating profit of $6.33 million on its SHIB holdings.
This represents an impressive return on investment, as the whale has been able to capitalize on Shiba Inu’s recent price appreciation to generate substantial unrealized gains.
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SHIB Price Performance and Market Cap
The price of Shiba Inu (SHIB) has been on a positive trajectory in recent days. Over the past 24 hours, the token has experienced a 1.94% price increase, and in the past 7 days, SHIB has gained 4.26% in value.
With a circulating supply of 590 trillion SHIB, the cryptocurrency is currently valued at a market capitalization of $15.28 billion.
Broader Meme Coin Market Trends
The whale’s continued accumulation of SHIB coincides with the broader resurgence in investor interest towards meme cryptocurrencies.
During this period of heightened enthusiasm for meme coins, Shiba Inu has seen a remarkable 37% price increase over the past 7 days.
This suggests that the whale’s SHIB holdings are benefiting from the overall positive sentiment surrounding this asset class.
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