Shiba Inu Whale Accumulates 237B SHIB In One Transaction: ‘Much In Store For The SHIB Army,’ Vows Lead Developer

“Dogecoin Killer” Shiba Inu (CRYPTO: SHIB) has witnessed significant whale activity with a weekly spike of 26%, with the lead developer expressing confidence in the memecoin’s performance.

what happened: Etherscan data shows one whale address that accumulated 237.87 billion SHIB on Monday. The anonymous wallet was recently established, and the transactions could mean over-the-counter purchases or whales distributing their crypto stash among smaller blockchain addresses.

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The news comes as Shiba Inu announced it has received a $12 million investment to develop a new layer 3 network focused on security and privacy.

Siburn data shows that a total of 411.9 million coins have been burned in the past seven days, further contributing to the positive sentiment surrounding the meme coin.

Also read: ‘Dogecoin Killer’ Shiba Inu Whale’s trading surges 55%: ‘$100 billion by 2025’, crypto investors predict

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Why it’s important: Large trading volume jumped 18.3% to $97.55 million, with concentration by large holders reaching 73%, according to IntoTheBlock data. According to data from Sybarium Scan, the number of new contracts has increased from 18 as of April 21 to 38 as of April 22.

Shiba Inu Chief Developer Terutoshi KusamaIn his latest tweet, he explained why he kept changing locations when pitching his ideas to some of the brightest minds in the industry.

“Today is an important day for SHIB in terms of advancing cryptography and elevating the overall brand,” he said, adding that the Shib army has a lot in store.

price action: At the time of writing, SHIB was trading at $0.00002724, up 2.5% in the past 24 hours.

what’s next: The impact of memecoins and Bitcoin as an institutional asset class is a topic expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on November 19th .

Read next: Dogecoin, Shiba Inu, and who else? How have meme coins evolved since the last Bitcoin halving?

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