Shiba Inu Coin Whales Stash 2.39 Trillion SHIB in Cold Storage: On-Chain Data Indicates Market Volat

Shiba Inu Coin Whale Confirms Drop: 2.39 Trillion SHIB Enters Cold StorageSome Shiba Inu whales have accumulated an incredible 2.39 trillion SHIB, indicating that they have been consuming the recent decrease in Shiba Inu coin numbers. On-chain data shows that the price of SHIB has been on a downward trend since the beginning of this month, reaching a low of $0.000008735 on January 8, down 20% from the opening price at the beginning of the year.Although the cryptocurrency has rebounded 15% from this low and is currently trading at $0.000009763, its price is still showing signs of decline, falling by 3.3% in the past 24 hours. Behind the scenes, some whales have consumed an astonishing 2.39 trillion SHIB tokens, worth $24.15 million, before moving them directly into cold storage.When people talk about cold storage, they usually refer to digital wallets held by cryptocurrency exchanges. This means that SHIB held in these wallets cannot be traded or sold. These whales depositing Shiba Inu coins into cold storage indicate their intention to HODL in the long term.There are many whale investors in Shiba Inucoin’s ecosystem, and transactions between these whales are quite common. In one month, whales accumulated 2.39 trillion SHIB. This information comes from a report from on-chain transaction tracker Lookonchain, which shows a large amount of SHIB flowing from cryptocurrency exchange Binance to four whale addresses in the past 30 days.A recent major SHIB whale transaction involved the transfer of 13.886 billion SHIB tokens worth $1.38 million to a newly established wallet at the time of the transfer. Remarkably, this gathering is the least prominent of the four whales. Additionally, there were three whale purchases of greater proportion. One of them is TRON founder Justin Sun, who purchased 577 billion SHIB from Binance, equivalent to $5.82 million.Address 0xa656 has accumulated a total of 2.3787 trillion SHIB, equivalent to US$2.4 million. This is the third outflow from Binance. 0xF633 is the largest accumulator. He has accumulated a total of 1.44 trillion SHIB from Binance and Gateio, equivalent to US$14.54 million.The Current Situation of Shiba Inu CoinAccording to information provided by IntoTheBlock, a large number of SHIB holders now control 78% of the total supply in circulation, and some of these holders have the ability to influence the market for their own benefit.Despite the market’s recent volatility, the heavy buying suggests that some Shiba Inu coin whale investors remain confident in the token’s long-term prospects.Shytoshi Kusama, the lead creator of Shiba Inu Coin, issued a statement on social media asking the growing SHIB community to maintain their strong commitment. This comes as Shiba Inu Coin’s named token is finally launched. However, the burn rate of Shiba Inu Coin has increased, taking many steps to push up the price of SHIB. The recent burn rate, according to the burn tracker data, has increased significantly by 395.43%.