As previously reported by U.Today, the popular meme-inspired cryptocurrency Shiba Inu saw an enormous spike in large transaction volume earlier this week, totaling 9 trillion SHIB. This period was characterized by a roller-coaster of price action for the Shiba Inu token, when its quotes first dropped by almost 30% and then skyrocketed even higher.

The activity among large holders continued when a previously unknown whale attracted attention. Thus, the address "0x4B5" has withdrawn about 220 billion SHIB, which is equivalent to $3.04 million. The accumulation was done in two tranches, with most of the tokens coming 22 hours ago and the rest, specifically 3.55 billion SHIB, coming seven hours later.

As a result, the anonymous entity is already up $114,370 on their Shiba Inu (SHIB) investment. Moreover, according to Arkham Intelligence, the tokens were initially withdrawn from Coinbase Prime Custody, which suggests that some institution or qualified investor stands behind the unknown buyer.

Meanwhile, the price of the popular meme-inspired cryptocurrency continues to soar, reaching $0.0000137 at the time of writing, up 2%.

At the very bottom of the recent market shakeout, SHIB hit $0.000011, so we have had a 29% increase in almost three days. And that's aside from the fact that Shiba Inu is already a multi-billion dollar asset. Amazing.

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.