Shib Whales Snag 1.43 Billion Shib Despite Asset’s Recent Dip

Ethereum whale investors have been relentlessly buying up Shiba Inu (SHIB) regardless of its price direction. Per WhaleStats’ data, a single ETH whale bought 143 billion (worth approximately $3.2 million) SHIB tokens recently.

ETH whales continue accumulating SHIB

The whale wallet named “BlueWhale0073” is ranked 272 among the over 5000 most valuable ETH wallets the platform tracks. WhaleStats also shows that the same whale has been rapidly accumulating the memecoin.

The investor bought over 57 billion SHIB, spending around $1.3 million, just this Thursday. The whale now holds over 376 billion SHIB worth around $8.1 million. The possibility of the whale’s SHIB exposure increasing is also very strong as the wallet’s largest holding is currently USDT.

Meanwhile, this whale has not been the only high-value ETH investor favoring SHIB. Other popular wallets in the top 100 cohort have been bagging the memecoin massively.

A few examples from WhaleStats include wallets named Bonobo and Gimli. Collectively, the top 100 ETH whales hold just under $1 billion worth of SHIB tokens. The memecoin currently dominates other tokens as their largest holding.

However, this is not the only bullish indicator for the SHIB market. The ‘DOGE killer’ token has also been seeing massive amounts of its supply being removed from circulation. Less than a week after going live, the official SHIB burn portal has reported more than 20 billion SHIB burnt, with around 1.5 billion going down in the last 24 hours.

What else have ETH whales been buying?

ETH whales have also been noticeably investing in several other tokens in the market. A recurring theme in their investment has been metaverse tokens, which SHIB is also shaping up to become.

Similarly, ApeCoin, the native token of the BAYC ecosystem metaverse, OtherSide, has also been getting bubbled up by these investors. The project has released plans to launch sales of its virtual land today.

More established metaverse tokens including Gala games (GALA), the Sandbox (SAND), and Decentraland (MANA), have been noted to be gaining increased traction in the market

Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO’s in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.