Ethereum whales have always taken big positions in meme coins. Cryptocurrencies like Shiba Inu and Dogecoin have received a lot of love from these whales, who hold the bulk of the ETH supply. Even during their downtrend, these whales continued to show love for these meme coins and they did not deviate from it. Same way, cryptocoin.comAccording to the information received, an Ethereum whale has been uploaded to SHIB recently.
Ethereum whale buys $1M Shiba Inu
Recently, an Ethereum whale embarked on a Shiba Inu buying spree. According to the information, the Ethereum (ETH) whale has purchased more than $1 million in SHIB. In total, there were more than 49.6 billion SHIB tokens bought by the whale, with a total dollar value of $1,094,317 at the time of purchase. This purchase is significant considering the fact that the meme coin has been on a steady downtrend since hitting an all-time high last year. However, it is not unusual for Ethereum whales who always choose to pack their bags when the market is fearful.
The aforementioned whale isn’t the only notable thing top Ethereum whales do when it comes to the Shiba Inu. They also accelerated the process of purchasing and accumulating digital assets. Dethroned as the largest token held by Ethereum whales, SHIB quickly regained that title. Ethereum whales have increased their trading activity in the meme coin in the past 24 hours alone, subsequently leaving the digital asset as the largest token by dollar value among ETH whales. Currently, these whales hold more than $16 million in SHIB, with over 575 billion tokens between them.
Increasing activity of whales draws attention
The increased activity of whales could point to some upcoming positive moves in the coin. Usually, when large wallets go on a buying spree in any cryptocurrency, they pull a significant amount of coins out of circulation, creating a shortage, causing an increase in value. That may be the case here. Combined with the accelerating rate at which the community continues to burn SHIB, the dwindling supply could see the price rise rapidly. However, given that the entire crypto market has fallen, the recent trend of accumulation may not have much of an impact on the price.
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