Why Shiba Inu Whales are continuously buying more tokens?

Namrata Shukla
Shiba Inu

Shiba Inu’s price has been pushing past the support at $0.00002038 and was trending 3% higher at $0.00002094, at press time. This boost in its value has followed the strong downtrend visible at the beginning of the month. Although these movements may convey an uncertain market to traders, they tell a different picture.

The small dumps in value have been crucial points for Ethereum whales to fill their pockets with the Shiba Inu tokens as one of the whales, BlueWhale0073 purchased over 300 billion SHIB tokens worth $6.15 million.

According to WhaleStats, the address holders ranked 257th on its list.

Nevertheless, SHIB was not among the top held tokens for this whale. Instead, stablecoins like Tether [USDT] and USD Coin [USDC] took 43% and 24% of its portfolio. The remainder was distributed in altcoins like Polygon [MATIC] and Chainlink [LINK]. In fact, SHIB took the sixth position in the whale’s wallet with the current balance of 403,241,855 tokens.

Source: Whalestats

The Whale was also interested in getting their hands on some Dogecoin [DOGE], Bitcoin [BTC], Ethereum [ETH], and FTX token [FTT].

The timing of the SHIB purchase seems interesting as the new portal was reporting a burn of 22.5 billion SHIB tokens in just a week. If you’re not familiar, the burn process helps reduce the circulation of the token, thus cutting the supply with the hopes to pull the price given the high demand. Now, this has not yet come true for SHIB trying to ditch as many decimals as possible, but the community was still optimistic.

Overall, Shiba Inu still held first place on the Ethereum Whales holding list. Per data, Ethereum whales held close to $1 billion worth of SHIB, making 15% of their portfolio. SHIB was followed by FTT and stablecoin USDC.

Source: WhaleStats

Meanwhile, the asset was trending a percentage lower over the past 24-hours. The crypto asset was trading at $0.00002088, at press time.