Data shared by the WhaleStats on-chain data platform shows that over the past 17 hours, a whale who goes by "Bombur" has purchased a comprised 175.2 billion Shiba Inu meme tokens, paying roughly $4.4 million for them.
This happened as the second largest meme cryptocurrency, SHIB, lost around 11% of its price in the past 24 hours but has partly regained some of this loss by now.
Whale grabs 175.2 billion SHIB
Bombur is the name of one of the dwarfs who went along with Thorin Oakenshield and Bilbo Baggins to the Lonely Mountain in the iconic fantasy novel by J.R.R. Tolkien, "The Hobbit. There and Back Again."
WhaleStats reported that the owner of this wallet made three purchases of SHIB and transferred tokens to his address: 0x2ee555c9006a9dc4674f01e0d4dfc58e013708f0.
By now, however, "Bombur" has sold the majority of the SHIB tokens he had bought. Whales (the top 100 wallets whose transaction data WhaleStats is focused on) often speculate on trendy altcoins, such as Shiba Inu and ApeCoin. The whale's portfolio now consists mainly of tokens related to companies like McDonald's, ADIDAS and Pornhub.
Earlier, WhaleStats detected frequent transactions buying SHIB from another wallet named for a Tolkien character—dwarf "Gimli," one of the key characters from the "Lord of the Rings" book trilogy.
On March 30, "Gimli" purchased a total of 421,370,420,624 SHIB in two big transfers, paying $11,313,795 in total.
SHIB plunges 11%
Meanwhile, Shiba Inu, a Dogecoin rival, has declined 10.83% since yesterday morning. Since midday March 29, the meme coin price has declined by almost 16%, falling from $0.00002967 to $0.00002493. This followed the slump of Bitcoin to the $44,000 level.
By now, however, the SHIB price has managed to partly recover some of this loss. At press time, the token is changing hands at $0.00002554 on the Binance exchange.