Over the past hour, anonymous whales have transferred slightly under 5 billion Shiba Inu meme coins, according to data published by Etherscan.
These transfers are likely purchases or redistributions of meme coins to newly opened addresses. It appears that whales are stocking up on Shiba Inu, as four transactions carrying 1.06 billion, 4.9 billion, and two moving 1.2 billion SHIB each were spotted.
One of the transfers, totaling 1,200,000,000 SHIB, was undoubtedly a purchase as it moved from the OKX exchange to an anonymous address.
Most of the destination wallets for these transfers still hold the SHIB they bought and nothing else, indicating they are likely new wallets. One of the wallets that bought 1.2 billion Shiba Inu is currently holding 5,461,811,212 SHIB in all.
However, one of the four addresses did sell the SHIB it bought immediately. Despite this, the popular meme coin has experienced a slight loss of over 9% of its value since last Wednesday, falling from $0.00001147 to $0.00001037 at present.
This week, SHIB hit local lows of $0.00001010 several times but is now attempting to recover. The prominent meme token has been following Bitcoin’s “crypto-locomotive”; BTC recently dropped from the $30,000 level to $27,666 due to various selling pressures.