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Shiba Inu

Massive Shiba Inu Accumulation: Tron Founder Stacks Up SHIB Holdings

Godspower Owie
by Godspower Owie
1 year ago
·
Posted in Shiba Inu
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

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.

Related Reading: Shiba Inu Whale Transactions Spike 1300% In 24 Hours, What’s Going On?

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.

Related Reading: Robinhood Rolls Out Shiba Inu Trading In 7th-Largest US State

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.

Shiba Inu
SHIB trading at $0.0000094 on the 1D chart | Source: SHIBUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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