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287 Billion SHIB Purchased by Biggest Whale on Ethereum Network

Tue, 04/12/2022 - 09:05
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Arman Shirinyan
Whales grab more SHIB as price of token plunges
287 Billion SHIB Purchased by Biggest Whale on Ethereum Network
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Following the plunge back to local lows, one of the biggest whales on the Ethereum network grabbed a significant number of SHIB tokens, which potentially fueled the current 3% recovery of the asset, per WhaleStats.

According to transaction data, the wallet tagged as "Light" purchased $6.4 million worth of SHIB tokens around three hours before press time and paid $6 worth of ETH as a fee.

Shiba Inu regains first place

As more whales started buying SHIB tokens at a large discount, the total USD value of SHIB holdings jumped to $1.19 billion, which put it in first place among all other assets. Second place among all other assets is being held by FTX Token, with 12.9% dominance.

WhaleStats data
Source: WhaleStats

Shiba Inu dominance in USD value among all other assets stays at 14.6%, which is one of the highest values for the memetoken since February 2022.

Shiba Inu price performance

Unfortunately for SHIB investors, the asset is not showing a positive performance since the most recent rally on the cryptocurrency market as the token lost over 20% in the last two weeks.

Prior to the rally on the market, Shiba Inu reached the local low of $0.000021, which was considered the bottom for the memetoken that bounced back to almost $0.00003, bringing the profitability of the asset above 50%.

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Another negative factor that investors note is the extremely low volatility of SHIB. Previously, the average volatility during a growth cycle stayed at approximately 250% while, now, it is only around 25%. The tenfold decrease in volatility most likely caused the outflow of funds from the token and its subsequent price decrease.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.