Shiba Inu is rapidly making its way into crypto headlines after Whalestat announced that a crypto whale just added $3,799,999 worth of SHIB to his portfolio. This addition, which is a staggering 99 billion SHIB has put the token into the full glare of the crypto spotlight.
SHIB whales have gained a reputation for capitalizing on micro consolidation and price dip periods to grow their holdings. This is a move that results in millions of dollars flowing into the token and ultimately raising its value.
This phenomenon hasn’t gone unnoticed. In fact, according to U.Today “large entities have continuously accumulated SHIB tokens.” One such “entity” is Ethereum Whale ”Gimli”. This popular Shiba Inu whale just recently accumulated a colossal 28 billion SHIB.
The monetary equivalent of this buy amounted to $1.1 million, and this wasn’t all. Towards the end of November, the whale had again bought a whopping 24.8 billion Shiba Inu tokens, valued at $1 million.
Shiba Inu’s Market Cap Improves Steadily
This news comes at a time when the dog-themed token is no stranger to the limelight. Shiba Inu was making headlines for all the wrong reasons less than a month ago. The Ethereum-based coin showed great promise.
The popular “Doge Killer” had its market cap rise steadily in the year to surpass its replica, Dogecoin, at the number ten spot for largest cryptocurrencies. Unfortunately, it fell from its grace around after its price dropped to an unimaginable $0.00003210 during a market sell-off.
However, the coin has since recovered by about 4%. It is now trading at $0.000038, and ranks 13th, by market cap. This is according to CoinMarketCap data. This is a strong indication that the coin is rebounding, and it just might regain its former glory, if not surpass it.