Whales are making the most out of the crypto market crash by ‘buying the dip’ on Shiba Inu. In just a single day, two different whales picked up SHIB in 3 independent transactions worth nearly $9 million. Overall, the whales purchased 392 billion Shiba Inu tokens in less than a span of 24-hours.
The top-ranking whale on WhaleStats named ‘Light’ picked up Shiba Inu twice in the span of a few hours. ‘Light’ whale first purchased 44.5 billion SHIB tokens worth more than $1 million then went in for the kill and picked up 287.3 billion SHIB tokens worth a staggering $6.5 million. In total, the ‘Light’ whale purchased nearly 332 billion Shiba Inu tokens worth $7.5 million.
Read More: Shiba Inu to Spike 50% in the Next 6-weeks, Predicts Analyst
A few hours later, ETH whale ‘Bombur’ picked up 61.3 billion SHIB tokens worth nearly $1.4 million. SHIB is now inside the top 10 most purchased cryptos among the whale community in the last 24-hours. Apart from SHIB, Axie Infinity, FTX Token, GALA, ApeCoin, QASH are in the top 10 list as whale favorites.
Whale activity in Shiba Inu saw a spike in September last year after rumors were doing the rounds that Robinhood will list the token on its platform. However, the leading exchange has not listed SHIB yet nor given a hint that they plan to get it onboard.
Read here about how many times top Robinhood executives denied listing Shiba Inu. Despite this, whales are flocking towards the token buying massive amounts almost every week. The whale movements in the token have rarely dipped as the rich list steadily loaded their bags with the token.
Read More: Here’s When Shiba Inu Can Breach the 1 Cent Mark
Shiba Inu Declines in Price
Shiba Inu is on a downward spiral since the start of the year and barely experienced a surge in price. The token went parabolic in October last year and spiked +1,000% in a month. It reached an all-time high of $0.00008616 during that time but is now down -73.4% from its ATH. That’s a drastic drop and investors who went all-in post-October last year are now under loss.
Read More: Shiba Inu Burn Portal to Remove 111 Trillion Coins out of Circulation Each Year?
However, there are hopes of a price rise with developments such as Shibarium and SHIB the Metaverse. The team announced they are working on a ‘burn portal’ and could ‘burn’ a portion of the tokens with their in-built mechanism in Shibarium and the Metaverse. However, not many details about the portal are out and its release date is not announced either.
At press time, Shiba Inu was trading at $0.00002289 and is down -6.18% in the 24-hours day trade. The token is also down -14.0% in the last 7-trading days.