Shiba Inu: ETH whale buys 2 trillion SHIB as token drops 5%

Saif Naqvi
Shiba Inu
Source: Pixabay

Market corrections are generally a cue for investors to step up their activity and top Ethereum whales responded to the call. A little over 24 hours ago, a mysterious Ethereum wallet purchased a whopping 2 trillion Shiba Inu tokens during yesterday’s 5% dip.

The purchase, made by an anonymous crypto wallet at 10:22:36 UTC on 26 April, was worth $48.4 Million in SHIB tokens. Blockchain data tracker Etherscan showed that the seller’s addresses belonged to the Singaporean digital asset trading platform, After the transaction, the buyer’s address contained a total of $465 Million worth of SHIB tokens, more than double the amount held by the address owned by

Interestingly, the mysterious wallet was the second-largest holder of SHIB, coming in after Ethereum whale ‘Light’. Cumulatively, both top wallets held around $1.25 Billion in SHIB, representing a massive 9% of the toke’s circulating supply.

Shiba Inu Fans Remain Cautious

Source: LunarCrush

Whale activity can trigger other buying patterns and since Shiba Inu fans are quite active on social media websites, it doesn’t take long for such developments to start trending. Even though a 2 Trillion purchase is much higher than your average whale buys, SHIB’s social dominance dropped by 23% on the day, with social media mentions drying up as investors remained fearful of the broader market correction.

Bitcoin’s drawdown below $40K Wednesday was responsible for a collective sell-off across most altcoins in the market. Shiba Inu’s price ticked up briefly but slipped later during the day as most alts began to slide on their respective charts. At the time of writing, SHIB was trading close to an hourly support area of $0.00002256-$0.00002287, down by 3.4% over the last 24 hours.