Shiba Inu, an Ethereum-based meme coin, is currently in the spotlight as the altcoin has been witnessing massive accumulation in the past few days, which has raised speculations among community members about whether a sell-off is imminent.
Justin Sun Increases Shiba Inu Portfolio
One of the Shiba Inu accumulation that has sent shockwaves within the SHIB community was carried out by Justin Sun, the founder of Tron. A recent report has revealed that the founder added over 79 billion SHIB tokens to his portfolio.
According to data from on-chain tracker Spotonchain, Justin Sun withdrew approximately 79.33 billion SHIB valued at $751,000 as of the time of transfer. Spotonchain shows revealed that the founder made the whale transfer from Binance – the world’s leading cryptocurrency exchange.
The report also revealed substantial withdrawals of other digital assets made by Sun. These include digital assets like Chainlink (LINK), Decentralized (MANA), Floki (FLOKI), and Band Protocol (BAND).
However, the data shows that Shiba Inu is Sun’s second-largest Ethereum-based holding. The total withdrawals carried out by the crypto founder was valued at a whopping $3.5 million.
The on-chain tracker highlighted that Justin Sun has been acquiring Shiba Inu for a while now. It also noted an earlier whale accumulation by Sun in mid-December 2023.
The founder made a significant withdrawal of 500 billion SHIB tokens on December 19, 2023, which was valued at $5.22 million as of then. Sun had also moved the funds from Binance to another of his wallets.
By the end of December, Sun’s overall SHIB holdings were around 577 billion tokens. Currently, his entire balance now stands at 656 billion SHIB, valued at $6.25 million after the recent supplementary batch. However, despite the crypto founder’s massive SHIB holdings, the crypto asset only accounts for just 1% of his total Ethereum-based assets.
Several members of the SHIB community suggest that the development indicates that Sun might be a big supporter of the project’s ecosystem. Given that many see him as an example of prudent money, his actions may have heightened whale interest in Shiba Inu.
Robinhood Joins The Trend
Another transaction that has garnered the community’s attention is the whale accumulation by Robinhood. The crypto platform also increased its holding, stacking up billions of SHIB in the past 24 hours.
A Shiba Inu enthusiast known as Lola took to the social media platform X (formerly Twitter) to share the development. According to her, Robinhood added about 231 billion SHIB to its holdings in less than 24 hours.
She highlighted that on Tuesday, January 16, data from Arkham revealed that the crypto platform’s wallet held 36.454 trillion SHIB. With the recent move, the balance now stands at 36.684 trillion SHIB.
The SHIB enthusiast also noted that while Robinhood is acquiring more SHIB, Tradefi is acquiring more Bitcoin. “They are accumulating while #TRADEFI accumulating Bitcoin,” she stated.
Featured image from iStock, chart from Tradingview.com