coinquora.com
Shiba Inu (SHIB) is back on the top 10 purchased tokens among the 500 biggest ETH whales in the last 24 hours, according to ETH whales tracker WhaleStats.
This update came on the heels of an Ethereum whale reportedly buying 4 trillion SHIB tokens ($134 million) in a single transaction. Following this huge transaction, the SHIB price rose by 10% in the last 24 hours.
At the moment, it is unclear who the whale is or why they are buying so many SHIB tokens. This buying activity comes after a period of relatively stable prices for Shiba Inu. Regardless, SHIB is also the most traded and biggest token held among the top 1000 ETH wallets, based on WhaleStats’ data.
Meanwhile, the wallet held by the whale who decided to buy $134 million worth of SHIB in a single transaction has seen its ETH balance increase by over 2,500 ETH since the beginning of the year. The price of SHIB has been incredibly volatile over the last few months. It reached an all-time high of $0.000038 on May 8th and then lost over 90% of its value in the following weeks. However, it has since recovered and is currently trading at $0.000014.
After the all-time high, the Shiba Inu price movement was a disaster for any retail investor who hung on till $0.00001, making the token’s profitability for whales near zero.
On the other hand, large investors typically average their holdings when they suffer losses to break even when or if the assets recover. The community has seen a lot of buying from whale addresses as a result.
“BlueWhale0073” has purchased a whopping 375,977,961,547 Shiba Inu tokens, paying $4,568,132 for that chunk of meme crypto, as per a recent tweet posted by WhaleStats.
Shiba Inu has made significant progress in the commercial sector, working with prominent industry professionals. Earlier, SHIB teamed up with AMC, the largest movie theater chain in the US, to support Shiba Inu payments. Along with AMC, electronic retail behemoth Newegg recently announced that it would accept (SHIB).