According to WhaleStats, a reputable platform that tracks blockchain data, two notable investors in Ethereum have acquired an enormous amount of 1.02 trillion SHIB tokens in two different transactions within the last 24 hours. This amounts to a total value of $10.89 million.

WhaleStats reports that the initial transaction was conducted by ‘Kvothe,’ ranked as the 232nd largest Ethereum investor. Kvothe purchased an impressive 899.99 billion SHIB tokens, which is worth $9.61 million, in just one transaction about 10 hours ago from now.

Shortly after Kvothe’s transaction, ‘BlueWhale0073,’ the 254th largest Ethereum investor, carried out a transaction in which they obtained 122.04 billion SHIB tokens worth $1.28 million.

The substantial accumulation of SHIB tokens by these two large investors occurred after Crypto.com’s standard custody procedure, which involved transferring 24.93 trillion SHIB tokens, valued at $269.59 million, to a new address. This move was done to ensure the safety and protection of the exchange wallets.

However, the fact that these large investors are accumulating such a substantial amount of SHIB tokens in a market where Bitcoin is currently trading above $28,000, which was last visited on the 12th of June 2022, suggests that there may be a significant increase in Shib’s price in the near future. This is especially true as the market is experiencing a short-term bullish trend, with Bitcoin leading the way. When Bitcoin stops pumping and consolidates within a particular range, altcoins are expected to begin pumping.

Read also: Over 4.6B Shiba Inu Tokens Burned by KoyoToken: Shibburn Confirms

Kusama Moves to Keeping Shiba Inu at the Top

Shiba Inu’s lead developer, Shytoshi Kusama, has recently hinted at a significant development while commenting on the meeting between Marcie Jastrow, the Shiba Inu metaverse advisor, and Ted Schilowitz, a futurist at Paramount Pictures, during the 2023 South by Southwest festival in Texas. This development is said to be groundbreaking, but no specific details have been disclosed yet.

However, to address the recent FUD against Shiba Inu in the community, Kusama has designated all members of the Shiba Inu community as part of the “Shiba Inu Defense Breed.”

Nevertheless, the Shibarium Public Beta launch has prompted increased demand for Shiba Inu and an uprise in the burn rate. According to a report from fxcryptonews,  the Shiba Inu Community has destroyed a total of 2.07 billion SHIB tokens through 290 different transactions in the last week alone.