Here’s who is buying the Shiba Inu dip

Sahana Kiran
Shiba Inu
Source – Unsplash

The entire market drowned in the red sea succumbing to the bear. Shiba Inu [SHIB] mirrored this sentiment and followed suit. The altcoin has been making immense noise with an array of developments. Steering away from the price, the Shib Army and the network have been working together to build the utility of the asset. While they lay focus on this aspect, the price of SHIB was seen enduring a massive downfall.

With a whopping 20.42 percent drop over the last couple of days, Shiba Inu was one of the worst-hit assets by the recent bearish storm. This further pushed the price of the altcoin down to $0.0000165. At press time, the daily drop that SHIB endured was a little over 5 percent. This further seemed like a great buying opportunity to many, particularly Ethereum [ETH] whales.

An ETH whale who goes by BlueWhale0073 has been a prominent name in the whale community. BlueWhale0073 has pocketed billions of Shiba Inu and continues to do so. Making use of the dip that SHIB was enduring, the ETH whale went on to bag 311,816,880,855 SHIB worth $4,801,979.

BlueWhale0073 sought the aforementioned SHIB from Dáin II Ironfoot who currently entails 54,998,914,628 Shiba Inu tokens. Following the latest purchase, BlueWhale0073 had a total of 7,660,744,611.66 SHIB.

Shiba Inu is still a top choice for ETH whales

It seems like the deterioration in Shiba Inu’s value did not scare anyone. While there was extreme fear all over the market, ETH whales were banking on the crypto carnage. SHIB remained a top choice of these whales as it stood as the fourth most purchased token by these whales. This further underlines the optimism surrounding the crypto project irrespective of its dainty value.

Despite the massive price drop, the daily trading volume of SHIB remained at $2.14 billion However, the market cap of the altcoin dropped down to 49.26 billion.