A large, unidentified entity has transferred a massive 1.25 trillion tokens of the meme-inspired cryptocurrency Shiba Inu ($SHIB), at a time in which their value has soared by more than 300% in a week.
Shiba Inu has emerged as a top performer in the crypto market recently, boasting a 52% increase in the past 24 hours and a gain of over 300% gain in the last week amid a wider cryptocurrency market rally fueled by the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States and the cryptocurrency’s upcoming halving event.
On-chain data reveals the recent whale transactions originated from Cumberland, a prominent crypto trading firm, and landed at a wallet linked to the popular trading platform Robinhood, as first spotted by Whale Alert.
While the specific individual or organization behind the transfer remains a mystery, Cumberland’s involvement hints at the possibility that the firm facilitated the transaction for a high-profile client, potentially an institutional investor.
Regardless of the sender’s identity, the recipient wallet now holds the transferred SHIB as its most valuable asset, making up over $345 million of its total $435 million crypto portfolio. Chainlink (LINK) and Aave (AAVE) round out the top three holdings.
Shiba Inu’s surge coincides with a milestone for Shibarium, the Shiba Inu ecosystem’s layer-2 scaling solution. The network has surpassed 3.5 million blocks and is nearing 400 million transactions, with over 1.35 million wallet addresses, demonstrating growing adoption, according to Shibariumscan. Shibarium hit the 300 million transaction mark back in January of this year.
Notably, SHIB recently saw a cryptocurrency whale shift their portfolio from a popular meme-inspired cryptocurrency that went up over 900% over the past year to bet on it.
On-chain data analysis firm Lookonchain identified an Ethereum address that profited handsomely from the $PEPE memecoin, a green frog-themed token that moved up exponentially over the past year.
The investor reportedly booked a $3.49 million gain and diversified their holdings into other cryptocurrencies after depositing nearly 2 trillion PEPE, worth over $6 million, onto leading cryptocurrency exchange Binance.
One notable allocation was into 75.9 billion Shiba Inu tokens, valued at approximately $893,000. This strategic move suggests the whale believes SHIB may offer more significant upside potential compared to PEPE.
Featured image via Unsplash.
