Ethereum whales have always been big on meme coins. Coins like Shiba Inu and Dogecoin have gotten massive love from these whales who hold a good chunk of the ETH supply. Even through the downtrends, these whales have continued to show love for these meme coins and they have not deviated from it. In the same vein, an Ethereum whale has been loading up on SHIB just as other whales have increased their activity involving the token.
Ethereum Whale Buys $1 Million Shiba Inu
Recently, an Ethereum whale went on a Shiba Inu buying spree. The whale had purchased enough of the meme coin that the WhaleAlert bot had picked up the transaction. According to the post, the Ethereum whale had bought more than $1 million worth of SHIB. In total, there had been more than 49.6 billion SHIB tokens picked up by the whale, which came out to a total dollar value of $1,094,317 at the time of purchase.
https://twitter.com/WhaleStats/status/1503237623594340354?s=20&t=-ymyGJfzFh39ZbUnfBWBaA
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This purchase is significant given the fact that the meme coin has been in a continuous downtrend since it hit its all-time high last year. However, it is not out of the ordinary for Ethereum whales who have always chosen to fill up their bags when the market was fearful.
Do The Whales Know Something?
The whale mentioned above is not the only noteworthy thing that the top Ethereum whales have been doing when it comes to Shiba Inu. They have also ramped up their buying and accumulation of the digital asset.
SHIB which had been dethroned as the top token held by Ethereum whales has quickly taken back this title. Ethereum whales, in the last 24 hours alone, increased their trading activity in the meme coin, and in its wake, have left the digital asset as the biggest token by dollar value among ETH whales. Currently, these whales hold more than $16 million worth of SHIB between them, over 575 billion tokens.
SHIB price down after spike | Source: SHIBUSD on TradingView.com
The increased activity by the whales could point to some coming positive movement in the asset. Usually, when big wallets go on a buying spree in any cryptocurrency, they take a significant amount of the coins out of circulation, causing the value to rise by creating scarcity.
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That could be the case here. Combined with the accelerated rate at which the community continues to burn SHIB, then the decreasing supply could see its price grow fast. However, given that the entire crypto market is down, the recent accumulation trend may not have much impact on the price.
Featured image from Finance Magnates, chart from TradingView.com
