ETH whales and their interest in SHIB tokens is a true love story. Each time the market drops, the whales assemble to hoard prominent cryptocurrencies. This time, however, the whales were seen bagging meme coins like Shiba Inu [SHIB] after the asset’s jump towards recovery.
Last week was a nightmare for the crypto-verse. The carnage was so brutal that major cryptocurrencies slumped to yearly lows. As Bitcoin attempted recovery, every other cryptocurrency followed suit. Given this volatility, SHIB was trading at a 35% discount since the beginning of the year. This gave anime-inspired ETH whale, Jiraiya a chance to pocket an increased number of SHIB tokens.
Earlier today, WhaleStats reported that the ETH whale “Jiraiya” had purchased close to 50 billion SHIB worth $1,072,473. The tweet further read, “ETH whale “Jiraiya” just bought 49,998,760,270 $shib ($1,072,473 USD).”
The whale labeled after one of anime’s greatest ninjas was even ranked 13th on WhaleStats for its consistent purchases. The aforementioned transaction of SHIB took place between Ethereum wallet 0x21a31ee1afc51d94c2efccaa2092ad1028285549 to ethereum wallet 0x06fed18718975d9e178e0c0fea35c18eac794c3f.
SHIB wasn’t the only token that Jiraiya had its eyes on. The ETH whale made a massive purchase of SAND as well. The whale bought a total of 1,050,000 SAND worth $4,357,500.
Bulls push SHIB up by 5%
As ETH whales continue to splurge on SHIB, the price of the meme coin was witnessed spiking. Mirroring the ongoing sentiment in the crypto market, Shiba Inu was surging by 5% over the last 24-hours. At press time, the meme coin was priced at $0.00002167.
The market cap of the coin, however, dipped to $11.91 billion which further pushed it to the 15th position. Despite this, the coin was on an upward trajectory. The SHIB network has an array of developments planned for 2022. The latest one is the launch of Shiba Inu games alongside PlaySide Studios.