The buying rampage of Shiba Inu tokens by Ethereum whales does not seem to be ceasing anytime soon. Over the past week, these whales seem to have made it their mission to accumulate as much of the meme coin as possible, adding trillions of tokens to their balances collectively in the same time period. Recently, the fourth largest Ethereum whale jumped on the bandwagon.
Going Ham On Shiba Inu
Another Ethereum whale recently joined the long line of whales that have been pitching their tent with the meme coin. This time around, the fourth largest ethereum whale as presented by WhaleStats recently purchased some of the digital asset, and by some, meaning more than a million dollars worth of coins.
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This whale had purchased more than 51 billion SHIB tokens, reported by WhaleStats which follows the transactions of whale wallets. In total, the 4th largest Ethereum whale, popularly known as Tsunade, had bought $1,185,696 worth of Shiba Inu at the time of purchase.
https://twitter.com/WhaleStats/status/1505922394464169984?s=20&t=CKvDXEjcPl_kuXSGN9jB8w
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Tsunade is not the only Ethereum whale that has been increasing its Shiba Inu holdings in recent times. Other whales have been following this same path. The previous day, a whale had purchased more than 3.7 trillion SHIB tokens. The value for this had come out to over $89 million spent on the token, one of the largest single transactions ever recorded by the meme coin.
https://twitter.com/WhaleStats/status/1505305951150223361?s=20&t=CKvDXEjcPl_kuXSGN9jB8w
SHIB Profitability
Shiba Inu had made its own fair share of millionaires last year when it emerged as the unlikely breakout star of the year. The cryptocurrency had surged so high and so fast that it had gathered a massive community behind it. This would continue for a while. However, once the downtrend started, it seemed to be a long way down until the majority of investors were in losses.
SHIB price continues to trend around $0.00001 | Source: SHIBUSD on TradingView.com
This is still continuing today as more Shiba Inu investors are recording losses the those in profit. According to data from IntoTheBlock, only 35% of all SHIB holders are currently in profit, presumably those that got into the digital asset early. 58% of all investors are in loss, and only 4% of investors are in the neutral territory.
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As for the price of SHIB, it continues to trend around the $0.00002 level. There has not been much momentum in the digital asset in recent times and even massive purchases by whales have not done much to push the price upwards.
Featured image from Coinbase, chart from TradingView.com
