ETH whales increase their SHIB holdings by 580% in 24 hours as whale interest in Shiba Inu soars

ETH whales increase their SHIB holdings by 580% in 24 hours as whale interest in Shiba Inu soars

Ethereum whales continue to show their interest in the Shiba Inu (SHIB) with their buying spree as the crypto bulls gather strength for a remarkable comeback.

According to Ethereum whale activity tracker WhaleStats, ETH bag holders increased their SHIB holdings by over 560% within 24 hours.

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As reported by ETH Whale Tracker, their SHIB holdings grew from $736,000 to over $5 million within 24 hours, making SHIB the second largest token held by ETH whales in the process.

ETH whales increase their SHIB holdings by 580% in 24 hours as whale interest in Shiba Inu soars
Source: WhaleStats

Also read: Here’s Why Some Think Elon Musk Is The Anonymous Founder Of Shiba Inu (SHIB)

Behind the Shiba Inu (SHIB) is a list of other tokens such as Ethereum’s scaling solution Polygon (MATIC), the native token of decentralized virtual world Decentraland (MANA), and the utility token of the Cronos (CRO) ecosystem.

Why the sudden increase?

The sudden increase in the number of Shiba Inu in the Ethereum whale portfolio can be attributed to the massive purchases initiated by two whales, namely “Gimli” and “BlueWhale0159”.

Between July 27 and 28, the two ETH whales collectively accumulated a total of 1.06 trillion SHIB tokens worth $12.95 million at the time of purchase.

This increase in SHIB accumulation among Ethereum whales comes at a time when more than 60% of Shiba Inu investors are at a loss. At current prices, only 27% of SHIB holders are in profit, while only 4% are at break-even levels.

ALSO READ: Ethereum Co-Founder Vitalik Buterin Acknowledges the Influence of Shiba Inu (SHIB) and Its Community

Data also shows that approximately 26% of Shiba Inu holders have held digital currency for more than a year, while 70% have held crypto for between 1 and 12 months.

Read |  'Securities' Label Could Have Massive Crypto Impact in SEC Insider Case

At the time of writing, the Shiba Inu (SHIB) is trading at $0.00001202, with a relatively 6% price increase over the past 24 hours.


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