SHIB Whale Buying Trend Continues with $4.2M Purchase

Despite the crypto market being in a pinch, whale investors are showing great faith in Shiba Inu. The meme coin has been on a constant buying rally as another crypto whale buys 125 billion SHIB.

The Ethereum whale spent over 4.2 million dollars to conclude the deal, as per Etherscan. At the time, Shiba Inu was trading 12-15% below its seven days high. However, SHIB has been in the limelight ever since it surged 833% in October, setting an all-time high and entering the top ten cryptocurrencies.

As expected, the surge did not last, and the crypto fell in November. December has not been great for the crypto either as its ongoing value is 62% below 0.000087 dollars, its all-time high. However, it seems as if crypto whales are negating the numbers and hoarding the crypto in hopes of immense gains.

So much so that SHIB has been among the most dominating holdings within the top 1,000 ETH wallets. According to the current prices, the crypto holds around 7.8% of the wallets, amassing 1.5 billion dollars worth of SHIB. 

Another significant purchase for crypto came a few days ago when a whale wallet named Hulk purchased over 290 million dollars worth of SHIB. According to a report by WhaleStas, the account might be connected to Robinhood. It currently holds around 490 million dollars worth of Shiba Inu token, accounting for 13 trillion+ SHIB.

The Dogecoin-inspired meme coin has gained recognition and acceptance from several institutional investors. For example, the leading gaming and PC hardware retailer Newegg started accepting Shiba Inu as a payment method. A major reason behind Shiba’s growth is its inclusive community.

The crypto currently stands as the 13th largest crypto in market valuation. However, with the investments it has been racking, the crypto will soon surge in rankings.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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