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Decoding real meaning behind Ethereum whales buying SHIB

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Source: Unsplash


SHIB, the popular meme coin has had an interesting relationship with dominant buyers. In several instances, top Ethereum whales bought the flagship token irrespective of SHIB’s price going down or up. This time was no different. Two major whales acquired massive amounts of Shiba Inu as the token regained 6% after a recent decline.

Come here, pup

Whalestats revealed that the whales have been actively accumulating the token. This resulted in an increased Shiba Inu smart contract usage and has made it one of the most used smart contracts among the largest Ethereum wallets.

Over the past 20 hours (from the press time), whales titled “Bombur” and “BlueWhale0073” made two purchases of Shiba. “Bombur” grabbed 50,520,317,707 SHIB tokens as mentioned in the 18 April tweet.

On the other hand, “BlueWhale0073” added an astounding 193,419,098,244 SHIB to the list as seen in this 19 April tweet.

Within the last 24 hours, the top 500 ETH wallets held $1,492,796,243 ($1.49T) worth of Shiba Inu. This massive accumulation led SHIB to become one of the top purchased tokens among the 500 most giant ETH whales in the last 24 hours.

In the meantime, on 19 April, WhaleStats website revealed that Shiba Inu remained the biggest crypto asset by U.S. dollar value held by Ethereum whales.

Interesting to note that Since Shiba Inu got listed on one of the leading exchanges, Robinhood, the desire to hold SHIB in the portfolio has increased among Ethereum whales.

Consequently, such massive whale buying had a direct impact on the price. SHIB’s value went up 5% in 24 hours and 11% in a week.

Mixed reception

Another interesting metric to note is the number of SHIB holders which on 19 April reached the 1,133,415 mark. The ‘holders’ graph by CoinMarketCap highlighted this small but significant rise.

Source: CoinMarketCap

Even so, more than 50% of holders remain in losses as per data from IntotheBlock. Needless to say, SHIB needs to register a significant rally to aid these affected holders. If not, traders might opt to exit their positions.

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Shubham is a full-time journalist/ Crypto data analyst at AMBCrypto. A Master's graduate in Accounting and Finance, Shubham's writings mainly focus on the cryptocurrency sector with particular emphasis on market research studies and communications for >2 years. Also, a die-hard Chelsea fan #KTBFFH.

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