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Shiba Inu still remains a whale favorite going by the activities of the top Ethereum whales in recent days. These whales seem to be undeterred by the low prices of the meme coin and rather continue to buy the digital asset in the millions. The latest purchase from an Ethereum whale has the community at the edge of its seat as one whale singlehandedly bought almost $5 million worth of the cryptocurrency, showing that interest in it has far from waned.
Ethereum Whale Hoards SHIB
A report from WhaleStats showed an enormous Shiba Inu purchase by an Ethereum whale. This whale known as “Bluewhale0073” made the purchase on Monday and has bought 193,098,244 SHIB in the transaction. It came out to a total dollar value of $4,821,938 at the time of this purchase.
https://twitter.com/WhaleStats/status/1516159979836878863?s=20&t=Lnf2d0N2il3A7QrPFxP3cg
Related Reading | TA: Ethereum Reaches Key Inflection Zone, $3,100 Is The Key
This purchase had brought the total amount of SHIB held by the top 1,000 Ethereum whales to $1,602,881,412. This makes it the most widely held token by the top Ethereum whales. Additionally, the Shiba Inu contract had made it onto the list of the top 10 contracts that the whales had interacted with for the past day.
The token is now ahead of FTX Token as the highest holding by dollar value. It is also 5th on the top 10 most purchased tokens by the top 1,000 ETH whales in the last 24 hours.
On Monday, another Ethereum whale, known as “Bombur” had also purchased 50,520,317,707 SHIB for $1,241,789. This marks an accumulation trend among these top whales when it comes to Shiba Inu.
https://twitter.com/WhaleStats/status/1516069545974419458?s=20&t=Lnf2d0N2il3A7QrPFxP3cg
Shiba Inu On The Charts
Despite the reviewed interest in the cryptocurrency, it is not faring as well as expected on the charts. Shiba Inu continues to trend around the $0.00002 level, showing reduced momentum at this point. This has put the digital asset below its 50-day moving average. And for an asset like SHIB which thrives on hype, falling below this point can signal more downtrend to follow.
SHIB trending at $0.000025 | Source: SHIBUSD on TradingView.com
A flash dip in the early hours of Monday had seen its price dip to $0.000023 but presumably, the activity from the Ethereum whales had helped boost the price back up. Nevertheless, the meme coin continues to trade more than 60% below its previous all-time high.
Related Reading | Crypto Market Cap Falls By $80 Billion In A Day As Bitcoin Dumps Below $40K
At the time of this writing, SHIB is trending at $0.000025 with a total market cap of $13.7 billion. It is now the 15th largest cryptocurrency by market cap, having fallen behind competitor, Dogecoin.
Featured image from Watcher Guru, chart from TradingView.com
