Shiba Inu: Whale buys and dumps billions of SHIB tokens in 24 hours

Lavina Daryanani

Ethereum whales have been on a buying spree of late. Taking advantage of the discounted price of tokens in the market, they have been re-filling their bags. Among the host of tokens available, Shiba Inu continues to remain one of their favorite ones.

Around 17 hours back, for instance, the 291st ranked Ethereum whale bought close to 87 billion Shiba Inu tokens worth approximately $1 million. The whale, as such, paid a gas fee of 0.0000000471 Ether (47.087293892999995 Gwei) and a transaction fee of 0.001413513475373967 Ether ($3).

Post the purchase, close to 4/5th of the said whale’s portfolio consisted of stablecoins like USDT and USDC. Chainlink, along with Shiba Inu was one of the few alts.

Interestingly, just the previous day, SHIB had flipped FTX to become the biggest HODLing in terms of dollar value among the top 500 whales.

All bark, no bite?

Well, the afore highlighted feat is remarkable, it should parallelly be borne in mind that the SHIB HODLings of the top 100 Ethereum whales have substantially shrunk of late. At press time, only 11% of their portfolios comprised Shiba Inu, while USDC and FTX managed to stay ahead by commanding 21% and 18%.

Source: WhaleStats

Additionally, it is worth noting that “BlueWhale0073” usually buys and sells SHIB within short spans of time. At press time, when the whale’s wallet was tracked, it was brought to light that most of the Shiba Inu tokens had already been dumped. The wallet only possessed 1 billion Shiba Inu tokens worth $12k on Wednesday.

Source: Etherscan

At press time, Shiba Inu was down 1.2% over the past 24 hours and was seen exchanging hands at $0.00001164.