While Bitcoin (BTC) bulls visit the $43,000 region after a long hiatus, the top 10 Ethereum whales are attracting significant Shiba Inu (SHIB) into their wallets, according to data from on-chain detective WhaleStats.
An Ethereum whale bought 51 billion Shiba Inu (SHIB)
The fourth largest whale on the Ethereum network has purchased 51.4 billion Shiba Inu (SHIB), bringing its meme token backlog to $1.19 billion, according to data obtained by WhaleStats. The ETH whale known as “Tsunade” spent $1.1 million on the most recent purchase of Shiba Inu, despite having $2.9 billion in different cryptocurrencies in its wallet. USDOGE and PAXG, two cryptocurrencies tied to gold prices, are the other tokens with the largest share in the wallet.
The Shiba Inu is the whale’s most traded token, and Shiba has nearly doubled its investments since the end of February. Whales’ wallet was previously worth $3.6 billion, but has since grown to $8 billion.
Shiba bulls remain silent
While whales have made a number of significant Shiba Inu purchases recently, the token’s market performance has deteriorated with no signs of improvement as the token has been down for the past 145 days. Alongside the multi-month retracement, SHIB has entered a descending triangle pattern that should result in an increase in volatility if the formation breaks one of its limits. Also, Shiba recently failed to break the line of resistance after attempting to do so on March 19.
However, Shiba Inu has 3 important projects to reverse this negative price performance. cryptocoin.com As we have reported, the developer team behind Shiba is working intensively on ShibaSwap 2.0, Shibarium and Shibaverse. For example, Shibaverse is preparing to build a metaverse that includes features such as virtual reality, digital real estate, NFTs, play-to-win (GameFi), and interactive aspects. ShibaSwap 2.0 will include a new version of the already functioning ShibaSwap. You can find all the details about the 3 projects here.
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