SHIB Price Skyrockets 300%, Whale Moves 1.25 trillion

SHIB Price Surges 300% as Whale Transfers 1.25 trillion Tokens

A large, anonymous entity transferred 1.25 trillion tokens of Shiba Inu ($SHIB), a meme-inspired cryptocurrency whose value has risen by more than 300% in a week.

Shiba Inu has recently emerged as a top performer in the cryptocurrency market, with a 52% increase in the last 24 hours and a gain of more than 300% in the last week, boosted by the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States and the cryptocurrency's upcoming halving event.

According to on-chain data, the latest whale transactions came from Cumberland, a well-known cryptocurrency trading business. They ended up at a wallet tied to the famous trading site Robinhood, as originally discovered by Whale Alert.

While the precise individual or organization behind the transfer is unknown, Cumberland's involvement suggests that the business handled the transaction for a high-profile customer, maybe an institutional investor.

Regardless of the sender's identity, the transferred SHIB is now the receiver wallet's most valuable asset, accounting for over US$345 million of its US$435 million crypto portfolio. Chainlink (LINK) and Aave (AAVE) make up the top three holdings.

Shiba Inu's growth coincides with a significant milestone for Shibarium, the Shiba Inu ecosystem's layer-2 scaling solution. According to Shibariumscan, the network has crossed 3.5 million blocks and is approaching 400 million transactions, with more than 1.35 million wallet addresses, indicating rising usage. Shibarium reached the 300 million transaction threshold in January of this year.

Notably, SHIB recently witnessed a cryptocurrency whale transfer their portfolio from a famous meme-inspired cryptocurrency that increased by more than 900% in the previous year to gamble on it.

Lookonchain, an on-chain data research service, discovered an Ethereum address that benefitted handsomely from the $PEPE meme coin, a green frog-themed currency that has grown dramatically over the last year.

After depositing roughly 2 trillion PEPE, valued more than US$6 million, on prominent cryptocurrency exchange Binance, the investor allegedly made a US$3.49 million profit and diversified their holdings into other cryptocurrencies.

One significant allocation was for 75.9 billion Shiba Inu tokens, worth around US$893,000. This strategic decision shows that the whale feels SHIB has greater upside potential than PEPE.