2 Important Reasons why Ethereum Whales Are Still Buying Shiba Inu

Vinod Dsouza
shib whales
Source: Pixabay

News about whales going in and out of SHIB is now a common occurrence. Top Ethereum whales are still amassing large amounts of Shiba Inu tokens into their portfolio and are filling up their bags constantly. Despite the recent dips, whales are not shying away and are seen making use of its downward trend by purchasing more tokens. Shiba Inu has remained rock solid under the top 10 list of whale ‘ favorites’ for more than six months straight.

Read More: Jack Dorsey Replies to Robinhood’s Tweet on Shiba Inu Listing

Just last week alone (before Robinhood listing), ETH whales purchased over 1.71 trillion SHIB tokens worth $44 million. Also, right after Robinhood listed SHIB, a mysterious yet suspicious wallet came alive purchasing 5.5 trillion tokens worth $136 million. The whale purchased SHIB in five different transactions and is also moving the tokens to a private wallet address that is not traceable.

Here are 2 important reasons why Ethereum whales are still purchasing Shiba Inu tokens:

1. Shiba Inu is at a Massive Discount

Shiba Inu wealth making token
Source: Pixabay

Shiba Inu is trading with four ‘zeroes’ in the indices and is seen as a low-hanging fruit that can turn ripe anytime in the future. There’s a ‘fear of missing out’ (FOMO) in the community indicating that Shiba Inu could be the next Dogecoin and breach the $0.01 mark. However, it’s a long way to the top for SHIB to touch 1 Cent, but FOMO is what’s making investors hop onboard.

At the end of the day, even the whales (rich) are human after, all can fall for the FOMO mindset. Therefore, as long as SHIB is on its way to the 1 Cent Dream, FOMO will keep adding more investors into its portfolio along the way.

Read More: Elon Musk & Vitalik Buterin Are the Founders of Shiba Inu? Old Deleted Tweet Suggests A Connection

2. The Shibarium Hype

Shiba Inu Shibarium Layer-2
Shibarium is expected to be launched in 2022.

While Robinhood was all the hype for SHIB, the listing did little or nothing to help its price shoot up. After the listing announcement, SHIB headed north +35% within hours but slipped the very next day. However, all hopes are now pinned on Shibarium and there’s positive sentiments about it on social media.

Investors believe that Shibarium will be the key driving force that steers SHIB towards the 1 Cent Dream. In no surprise, both retail investors and whales believe that the layer-2 network could do wonders for its price. Hence, there’s still accumulation of Shiba Inu tokens going on with the hopes that the development will bring in the magic number of $0.01.

At press time, Shiba Inu was trading at $0.00002461 and is down -1.16% in the 24-hours day trade.