Shiba Inu (SHIB) is undoubtedly very popular among whales, especially Ethereum (ETH) whales. According to the data on Etherscan.io, one whale wallet purchased 165.86 billion SHIB tokens for a whopping $1.87 million.
Not only that, a few hours later, the same wallet transferred another 10 billion SHIB tokens to its wallet, worth $112,900.
This brings the total to nearly $2 million worth of Shiba Inu, transferred within the last 24 hours. As per the wallet data, SHIB is currently the third most held token for the whale, following Ethereum (ETH) and USD Coin (USDC). The wallet currently hold 155.86 billion SHIB tokens.
Whales going big on Shiba Inu?
In the past few days, several whales have made big SHIB purchases. On October 18th, a mysterious new whale purchased 3 trillion SHIB tokens for $34 million. Whales have also been moving their SHIB tokens from one wallet to another. Another whale moved 1 trillion SHIB just before the launch of the Shiba Eternity game, most likely in anticipation of a dump.
Now, it has been reported that a majority of the Shiba Inu in circulation is controlled by a few whale wallets. Hence, many worry that a whale sell-off could trigger a massive price plunge. However, with many launches on the horizon, a sell-off at this point is most probably unlikely. Many are awaiting the launch of SHIB’s Shibarium layer-2. Fans, known as the SHIB Army, expect the price to jump when the launch takes place.
Nonetheless, a recent study by IntoTheBlock found that a majority of SHIB holders are at a loss. However, most of the holders purchased their tokens within the last year. Shiba Inu’s price, like most other crypto projects, has been falling since November of 2021. Hence it is not surprising that most of the holders are at a loss, as many bought at the top.
At press time, SHIB was trading at $0.00001141, up by 9.1% in the last 24 hours.