Shiba Inu (SHIB) is an Ethereum-based version of Dogecoin created by Ryoshi, an individual or an anonymous group of individuals to make the coin more scalable. This was after the mooning of Dogecoin. SHIB is simply a dog meme coin but with a use case; it allows for art incubation and has a Dex called ShibaSwap.
Whale Buying SHIB
After creation, the coin mooned in 2020 with wholesome profits. Then creators took half of the profits and sent it to Vitalik, the founder of Ethereum, in support of Ethereum. However, Vitalik sent all of it to a charity foundation in India, making the coin collapse. Many people lost cash during the process.
Despite the happenings, the Shiba community remained hopeful, supporting and ‘hyping’ the coin, even though nothing changed until recently, on 1 October. Cryptocurrency whale-monitoring accounts noticed large movements of SHIB and immediately made the cryptocurrency community aware.
The whale bought Shiba Inu tokens 276 billion within a few hours of each other. On 1 October, the whale bought 6 trillion coins worth $43,838,916. The following day the whale bought SHIB coins worth 116 billion, and later within the same day, 159 billion coins.
A few hours later, the whale bought 1 billion coins. These transactions left the cryptocurrency community in awe. As a result, the price of SHIB rose by 5% that day and settled to about 3% later that day.
Speculations for Whale Buying Shib
Massive purchases of a particular cryptocurrency is not new to the crypto world. It usually means three things: an exchange listing, a good use case, and huge cryptocurrency returns.
Such large well movements of the coin earlier this June led to a listing of the currency in eToro. Later, another massive whale buy-in towards the end of July led to a listing of the coin on WeBull and Coinbase Pro in August. Then a new listing on Binance in September, following other whale transactions in the same month.
Promising Use Case
Whales only buy cryptocurrency where they see the value. The secret anonymous buying might be from different individuals, banks, companies, or even cryptocurrency CEOs that finally see value in the coin. It might just as well be Elon as it might be Vitalik.
Movements such as this can only mean one thing, a bullish season for SHIB holders. Anyone who lost cash can be able to rebuild their cryptocurrency portfolio again. Patience pays, and now the SHIB community is finally hopeful. The returns will no doubt be wholesome.
Hope for SHIB HODLERs
SHIB has to moon by 187% to beat it’s all-time high, which was 0.00004. The coin has low prices, and there is hope a zero or two will reduce within the following year. Shiba Inu is an auspicious coin, and whales suddenly taking an interest in it to mean something big is cooking in the background. Anyone looking for wholesome gains should consider investing in it. Everyone is eager as to what is brewing for SHIB; let us wait and see.