Amid the ongoing memecoin crazy a massive cryptocurrency investor has recently started heavily accumulating Shiba Inu ($SHIB), pouring millions onto the meme-inspired cryptocurrency to accumulate billions of tokens.

That’s according to on-chain analysis service Lookonchain, which noted that a successful SHIB investor who has in the past made more than $120 million worth the meme-inspired cryptocurrency has now spent 4,849 ETH worth $18.44 million to buy 715.9 billion SHIB.

The trader, according to the service, has in the past spent $400,000 to buy 5.5 trillion SHIB, which were then subsequently sold for around $121 million over two peaks.

The buying frenzy wasn’t a single act. The whale strategically executed a series of purchases, starting with 149.3 billion SHIB for $3.83 million, followed by a swift addition of 173 billion SHIB. Within a three-hour window, the entity gobbled up a total of 323 billion SHIB tokens, spending an additional $8.29 million.

Beyond the whale’s actions, the Shiba Inu ecosystem itself has witnessed significant developments that likely fueled the token’s recent price rise. Shibarium, the Layer-2 scaling solution, has seen notable progress this year, enhancing the network’s capacity to handle a higher volume of transactions efficiently.

Furthermore, the Shibdentity initiative promises a new era of digital identity, while the recently launched Sheboshis NFT collection boasting 20,000 digital avatars on the Ethereum blockchain adds another layer to the Shiba Inu universe.

Further bolstering the ecosystem’s prospects, Shiba Inu secured a $12 million funding round from heavyweights like Polygon Ventures, Mechanism Capital, and Animoca Brands, earmarked for the development of a privacy-focused Layer-3 blockchain. The integration of the Shibaswap decentralized exchange with Shibarium signifies another step towards a more robust and comprehensive ecosystem.

As reported, these developments help SHIB briefly overtake Cardano to become a top 10 cryptocurrency by market capitalization.

Featured image via Unsplash

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