Recently, the meme coin called SHIB has become quite popular in the cryptocurrency world. Even though the SHIB price has been on the lows lately, cryptocurrency whales still continue to buy massive amounts of meme coins. In addition, more and more wallets are connecting to the Shibarium testnet. Details are here.
Whales snatched 17 billion SHIB
Cryptocurrency whales are generally known as big investors and are people who have large sums of money in a cryptocurrency. Data obtained through Etherscan shows that less than an hour ago, two SHIB investors bought large sums of Shiba Inu in two transfers. One bought 10,817.157,076 and the other 6,782,260,080 meme coins.
These notable purchases came as the Shiba Inu price dropped. At press time, the meme coin is trading at $0.00001092, according to CoinMarketCap.
Many people wonder why whales still continue to buy SHIB, despite the drop in price of SHIB. There is a lot of speculation as to why these whales are still investing in SHIB, but there is no definitive information about what actually happened.
However, the reason why SHIB whales still invest in SHIB is because SHIB potentially has huge upside potential. Although the meme coin has experienced many drops recently like other cryptocurrencies in the market, the whales’ continued investment in SHIB indicates the possibility that SHIB may rise in the future. However, as the cryptocurrency market is a highly volatile one, there may be a great risk for SHIB whales to continue investing in SHIB. The success of SHIB whales’ investment in SHIB will be determined by the future performance of SHIB.
Overall, the top 100 whales on the Ethereum network currently hold a total of $601.2 million worth of SHIB, which makes up about 12% of their portfolio. On average, these wallets hold 496,214,650,935 SHIBs worth just over $6 million each.
The number of Shibarium wallets reached 14 million
Meanwhile, Shibarium’s testnet Puppynet continues to rise. So far, the number of addresses connected to Shibarium has come very close to surpassing the 14 million milestone. Within 24 hours, that amount increased by nearly one million addresses.
You can follow the current price action here.