CoinMarketCap: Read what our contributors have to say. This content is provided by the community. DYOR!
Massive Shiba Inu Accumulation: Tron Founder Stacks Up SHIB Holdings
Table of Contents
Market Musing-g

Massive Shiba Inu Accumulation: Tron Founder Stacks Up SHIB Holdings

Bitcoinist
By Bitcoinist
Created 1 year ago, last updated 1 year ago
3 mins read
Massive Shiba Inu Accumulation: Tron Founder Stacks Up SHIB Holdings
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.
0 likes
|

Other articles published on Jan 18, 2024

Market Musing-g

Solana Mobile Launches Affordable Next-Gen Crypto Phone

In a surprising twist, Solana Mobile has unveiled plans to release a second crypto-focused smartphone. Anticipated to hit the market in the first half of 2025, this innovative device […] The post S...
By ItsBitcoinWorld
1 year ago
3 mins read
Market Musing-g

Hackers Mislead Rocket Pool X Users with Bogus Contract Breach Claims

Followers of Ethereum-based staking protocol Rocket Pool’s X account have over the past 24 hours found themselves caught in a web of confusion. Hackers took control of the account and used it to sp...
By Cryptonews.com
1 year ago
3 mins read
Market Musing-g

Google CEO warns staff about more layoffs at the firm

Google CEO Sundar Pichai recently addressed the company’s staff through a memo, cautioning about impending layoffs in the coming year. This follows a substantial reduction in the workforce last wee...
By Cryptopolitan_News
1 year ago
4 mins read
Market Musing-g

Polygon (MATIC) Faces Selling Pressure as Bears Continue to Dominate

Polygon (MATIC), once a high-flying cryptocurrency that crossed the $1 mark in December 2023, is now facing increased selling pressure as defunct Celsius, a notable crypto entity, transfers million...
By TheNewsCrypto
1 year ago
3 mins read
Market Musing-g

Former US president Trump proposes ban on implementation of CBDCs if elected

Former U.S. President and candidate in the 2024 elections Donald Trump spoke out against central bank digital currencies (CBDCs).The pledge came during a campaign speech in Portsmouth, New Hampshir...
By TheBitTimes
1 year ago
2 mins read
Market Musing-g

Kiln Secures $17 Million to Fuel Expansion and Innovation in Crypto Staking

Kiln, a leading institutional crypto staking platform, has successfully closed a $17 million funding round, marking a significant milestone in its journey to reshape the digital assets ecosystem. T...
By Cryptopolitan_News
1 year ago
3 mins read

Join the thousands already learning crypto!

Join our free newsletter for daily crypto updates!