The connection between Ethereum whales and Shiba Inu [SHIB] goes way back. ETH whales were the first ones to veer into the market and pocket increased amounts of SHIB tokens. While some suggested that the popularity of the meme crypto drove these whales into bagging trillions of these tokens, a few others pointed out that this could be a tactic to push the price of SHIB. Untethered by these speculations and the depleting price of the asset, one particular ETH whale continued making exorbitant purchases.
BlueWhale0073 has been making headlines for its extensive purchase of Shiba Inu. More recently, this ETH whale went on a shopping spree and splurged nearly $2 million on 187 billion SHIB. WhaleStats took to Twitter and shed light on this movement.
However, as always, the whale went on to dump the accumulated Shiba Inu following the purchase. As per the transaction details, the ETH whale only entailed 5.85 SHIB worth only $0.0000624.
BlueWhale0073 has been following a similar pattern for quite some time now. Buying and dumping an excessive amount of Shiba Inu tokens have become a habit for this whale. This has further left the community speculating on the whereabouts of the significant amount SHIB spent.
Is this whale buying plots in the Metaverse with SHIB or just burning them?
This year, the Shiba Inu ecosystem witnessed an increase in the utility of its native token via an array of new developments. The launch of SHIB: The Metaverse, created quite an uproar in the market. The Shib Army could even purchase land in this metaverse. Therefore, the community speculated that BlueWhale0073 was spending all its SHIB on these lands in the metaverse.
A few others, however, believed that the ETH whale wanted to spruce up the price of the asset as a result it was sending all its purchased tokens to a dead wallet.
Additionally, a whopping 229 million SHIB tokens were fried over the last 24-hours.
Amidst all of these conjectures, some of them still stuck on to the fact that the whale was just trying to move around the token to increase the price of SHIB.
This, however, had no impact on Shiba Inu. During press time, the asset was trading for a low of $0.00001069.