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Whale converting XRP held for 20 trillion Shiba Inu
According to Etherescan, the XRP whale converted over $40 million of Ripple into 20 trillion Shiba Inu tokens, increasing the share of SHIB to 21% of the wallet and lowering the share of XRP by 5%. The transaction was considered the largest-ever transaction in Shiba Inu’s history. The whale now holds over 48.7 trillion SHIB in its portfolio.
Using a record-breaking transaction, the crypto whale has now accumulated 20,000,000,024,240 Shiba, worth $210,105,912, according to Etherscan data.
In early May, 1.5 billion Shiba had been burned to decrease the market supply and increase the price of the token. But the move did not produce the desired results, considering that in the following week the stock lost about 8%.
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— Shiba Doge (@RealShibaDoge) May 2, 2022
After making investors dream in 2021 by entering both in the top ten most capitalized cryptocurrencies, Shiba and Dogecoin then experienced a real collapse of about 80% in the last year.
But evidently big investors are taking advantage of low prices and continuing to accumulate SHIB, which along with the other big memecoin Dogecoin, is beginning to be used by big companies, such as Tesla, AMC, the world’s largest owner of cinemas and theaters, Nike, GameStop, and Nordstrom.
Whales are increasingly interested in memecoins
According to some late June data, whales in the crypto market hold SHIB tokens worth $594,171,595, about 14.48% of their total holdings.
Notably, the whale responsible for the huge transfer reportedly began to move just after the announcement of the Shibarium of 1 billion tokens. According to Etherscan data, the whale had already accumulated about 25 billion Shiba Inu tokens by the end of May.
With this latest transfer, the whale would have surpassed the largest holder of Shiba tokens, named “Light,” who holds about 32 billion tokens in its portfolio, becoming precisely the largest holder of Shiba Inu s in the world.
On the other hand, the “twin” cryptocurrency, Dogecoin, also seems to be of interest to whales, considering that in January this year, DOGE tokens worth about $176 million were moved in a single transaction.