In the past hour, anonymous whales have transferred nearly 5 billion Shiba Inu meme coins, indicating a buying spree for the popular cryptocurrency.
The transactions, which included purchases and redistributions to new addresses, were spotted carrying 1.06 billion, 4.9 billion, and two moving 1.2 billion SHIB each.
One transfer of 1.2 billion SHIB was confirmed as a purchase from the OKX exchange to an anonymous address.
Most of the destination wallets for these transfers are holding onto the SHIB they purchased, suggesting they are new wallets. One of the addresses that bought 1.2 billion Shiba Inu currently holds over 5.4 billion SHIB.
Despite a 9% drop in value since last Wednesday, SHIB has attempted to recover from local lows of $0.00001010 this week. It has followed Bitcoin’s decline from $30,000 to $27,666 due to selling pressure from various factors.