Data from Arkham Intelligence has revealed the appearance of a mystery new investor, which is a significant development for the Shiba Inu token market. 332.665 billion SHIB tokens were purchased today by an unidentified entity, with a total estimated value of $8.62 million at the current token price of $0.0000257.
The transaction, which was linked to the address “0x7976,” happened in two large installments over the course of the previous five hours. The first one came from another anonymous address, “0x1de7,” which is currently devoid of Shiba Inu coins and contained 320.99 billion SHIB. After then, the European exchange Bitvavo conducted a secondary transfer of 11.676 billion SHIB, or about $300,000.
Shiba Inu price scores rebound
This comes as the price of Shiba Inus is starting to rise again; it increased by a little 2.5% today after dropping 20% recently. Despite a large uptick in late February, the token has had a substantial decline since March 5, falling by 48.3% from its top of $0.00004567.
There are concerns over this investor’s motives and possible effects on the SHIB market after their unexplained entrance. Was this purchase made in order to profit from the most recent drop in the price of SHIB, or does it indicate that a new player has entered the Shiba Inu token market? Should we anticipate the sudden emergence of more huge Shiba Inu addresses?
Holders of SHIB are waiting for further news, but in the meanwhile, they are keeping an eye on the price chart and on-chain data to see what the well-liked cryptocurrency with meme-inspired design is up to.
