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Key takeaways: Ether gained 75% versus Bitcoin in Q3, but has underperformed slightly in September. Retail investor participation remained weak, creating a divergence with institutional flows. Ether (ETH) rallied 75% relative to Bitcoin in Q3, and despite the recent slowdown in price action, traders still believe the altcoin can hit $5,000 in 2025. Glassnode data indicated that futures…

Whale Accumulates 1.5 Trillion SHIB, Sparking Surge In Price

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The bustling realm of cryptocurrencies is abuzz with a major development centered around Shiba Inu (SHIB). This news broke as Lookonchain, an on-chain analyst platform, reported a transaction involving a significant accumulation of Shiba Inu tokens by a major holder.

This transaction took place on notable exchanges such as Binance and Coinbase and has made waves in the crypto community.

According to Lookonchain’s data, a SHIB holder, identifiable by the address “0x40B3,” has recently added a colossal 1.5 trillion SHIB tokens to their portfolio. At current market rates, this acquisition equates to approximately $10 million.

A History Of Accumulation

Notably, this particular holder, “0x40B3,” has a history of substantial SHIB purchases. The holder had previously acquired 5.3 trillion Shiba Inu tokens, translating to around $35.5 million. On May 16, “0x40B3” made a transfer of 20 trillion SHIB tokens to another address, “0x73AF,” amounting to roughly $134.4 million.

Related Reading: Shiba Inu (SHIB) Price At The Most Crucial Point In Its History?

Owing to these sizable transactions, “0x40B3” has garnered attention within the crypto ecosystem. The scale of their holdings, rendering them the largest nonexchange holder of Shiba Inu, emphasizes their influence on the SHIB market.

Impact On The SHIB Market

The acquisition of the recent 1.5 trillion SHIB tokens by “0x40B3” had an immediate effect on the SHIB price. In just 15 minutes following the acquisition, the price of Shiba Inu surged over 1.5%. This brief window of time encapsulated the influence wielded by “whales,” or large-scale investors, over the price volatility in the cryptocurrency markets.

Moreover, the SHIB price appears to be on a recovery path, with an uptick of nearly 25% since its recent low of $0.00000591 last Saturday. This rebound illustrates the dynamism of the cryptocurrency market and the significant role large investors play in shaping it.

Meanwhile, Shiba Inu has shown a continuous uptick in the past 24 hours. SHIB which is one of the largest meme coins by market capitalization has recorded a brewing rally up by 3% in the past 24 hours.

Shiba Inu (SHIB) price is moving sideways on the 4-hour chart. Source: SHIB/USDT on TradingView.com

At the time of writing, Shiba Inu currently trades at $0.00000678 after trading below $0.00000600 on Tuesday. Interestingly, despite the current uptick, SHIB’s trading volume has plunged a bit from $185 million this time last week to $104 million in the past 24 hours.

However, the meme coin’s market capitalization has seen a more than $700 million loss in the past 7 days. SHIB’s market cap has plunged from $4.7 billion last Tuesday to $3.9 billion as of today.

In other news, the upcoming launch of Shibarium has cast a cloud of uncertainty over the Shiba Inu community due to some recent developments. Initially, LucieSHIB, a well-known advocate for Shiba Inu, set expectations for the launch of the eagerly awaited Shibarium mainnet, suggesting a timeframe between the second and third quarters of 2023.

Nonetheless, according to recent posts from the same individual, the launch might experience a postponement from its initial projected timeline, causing a wave of speculation among market participants and aficionados.”

Featured image from Shutterstock, Chart from TradingView

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Shiba Inu Whale Accumulates 261 Billion Shib Tokens In Just Three Days

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A top SHIB whale added $1.18 million worth of Shiba Inu within 24 hours. Data from Etherscan.io reveals that this whale ranked as the nineteenth largest SHIB holder accumulating 140 Billion SHIB.

The whale acquired the SHIB tokens in two separate transactions marking its second massive accumulation within 72 hours.

SHIB Token Burns And Shibarium Launch Likely Behind Accumulation

Shiba Inu network and users engaged in massive SHIB burn events in 2023. The burning mechanism aims to reduce excess tokens and boost SHIB’s price. However, no notable price increase has occurred since the token burn events. 

Nevertheless, the top SHIB whales are accumulating the tokens ahead of the Shibarium launch and a possible price increase for the asset.

Related Reading: Bitcoin Hangs At $26,200: Why This Is A Crucial Support Level

BLAZE token has been identified as the largest SHIB burner in recent times on the ecosystem.

Shiba Inu Team Member Projects Timeline For Shibarium Launch

A member of Shiba Inu’s marketing team, LUCIE, shared her thoughts on the proposed mainnet launch of Shibarium in a Tweet. 

Shibarium is a Layer-2 (L2) scaling solution created for the Shiba Inu ecosystem. Its launch date is highly speculative, with several dates proposed in the past.

However, LUCIE stated that she guessed the launch date would be in Q3 of 2023, while Shiba Inu founder Shytoshi Kusama projects in July.

The exact launch date remains a mystery and LUCIE believes the Shibarium Mainnet Launch will happen between the second and third quarters of 2023. 

Additionally, she believes that Shiba’s team remains confident about the launch, with multiple teams working on it and exploring Artificial Intelligence (AI) integration.

LUCIE emphasized that the testing process is crucial and security audits are necessary before its launch. She explained further, that if tests go wrong, the Shibarium mainnet release will delay.

Shiba Inu Price Outlook

Despite the recent announcements concerning Shibarium’s launch, SHIB did not record much price fluctuation. It traded at $0.000009967 on May 1, 2023, before moving to $0.00001002 on May 2. However, by May 4, its price dropped to $0.000009896, losing some of its earlier gains.

SHIB dropped to $0.000008695 on May 11, showing price volatility. The bulls attempted to rally on May 23, pushing its price to $0.000008899.

However, SHIB met resistance returning to $0.000008519 on May 24 and is trading at $0.000008479 at press time today, depicting a 0.16% increase in 24 hours. 

Despite the price gain, SHIB’s trading volume is down by 8%, a possible signal of traders’ hesitation in the market. But the launch of the Shibarium mainnet in the ecosystem may be the price catalyst SHIB needs to reclaim its gains as it may boost SHIB usage.

Shiba Inu price trades sideways on the chart l SHIBUSDT on Tradingview.com

Featured image from Pixabay and chart from Tradingview.com

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Binance accumulates 3.8B USDC in three weeks

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Glassnode data analyzed by CryptoSlate revealed that Binance accumulated 3.8 billion USD Coin (USDC) during the past three weeks.

Binance’s USDC pool sits at 5.1 billion coins at the time of writing, marking a 292% increase over the past three weeks.

USDC balance on Binance

The chart below represents the USDC balance held on the Binance exchange with the blue line since the beginning of 2020. According to the data, Binance started buying in February 2021 and accumulated a little over 2.4 billion USDC.

USDC balance on Binance (Source: Glassnode)

Binance maintained its USDC levels until very recently, except for a short period from September 2022 to January 2023, when the USDC reserves fell to below 800 million.

The chart demonstrates that the exchange’s USDC reserves recorded a spike increase during the last three weeks. During this period, the USDC balance of the exchange increased from 1.3 billion to 5.1  billion, marking a 292% increase.

Binance held only 500 million USDC in September 2022, which indicates that the current levels reflect a 920% increase from the September levels.

USDC balance on exchanges

Binance’s recent actions are also visible on the chart below, which demonstrates the amount of USDC held by exchanges. The turquoise area represents Binance’s USDC holdings, which marks the recent 292% increase.

USDC balance on exchanges (Source: Glassnode)

The chart above also reflects the USDC amounts each exchange holds. By visual comparison, it can be seen that Binance has been holding the largest USDC pool since January 2021.

Why USDC?

Binance’s Binance USD (BUSD) reserves shrunk considerably at the end of February after the Securities and Exchange Commission (SEC) issued a notice to halt BUSD minting on Feb. 13.

Binance’s CEO  Changpeng Zhao (CZ) noted the change on Feb. 17 and said the stablecoin landscape has been changing to be dominated by Tether (USDT). CZ stated:

“BUSD market cap dropped -$2.45B (from 16.1B to 13.7B as of now), and most of it has moved to USDT.

USDT marketcap + 2.37B (From 67.8B to 70.1B)

USDC also declined -739M (from 42.3B to 41.5B)

Landscape is shifting.”

He was proven right. According to a CryptoSlate analysis from Mar. 3, USDT’s dominance over the stablecoin market exceeded 55%.

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