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470 Billion Shiba Inu Tokens Grabbed by Whales Who Now Own 1.3 Trillion SHIB in Total

Wed, 03/30/2022 - 08:42
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Arman Shirinyan
Almost half a trillion Shiba Inu tokens being grabbed by Ether whales
470 Billion Shiba Inu Tokens Grabbed by Whales Who Now Own 1.3 Trillion SHIB in Total
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Anonymous whales purchased billions of Shiba Inu tokens amid its 30% run in March following a massive increase in the number of large transactions and positive price action, WhaleStats reports.

Billions of SHIB being shoveled

To execute such a large order, largest wallets on Ethereum blockchain had to separate their purchases into several transactions. The first whale who purchased 420 billion SHIB made two large transactions. The first transaction was worth $4 million three hours before the second one of $7.3 million.

The second whale, who purchased a smaller amount of Shiba Inu tokens, made one transaction worth approximately $1.3 million. The whale could make a transaction without splitting his orders, showing there was enough liquidity on the market.

It is not clear which exchange they used for the transaction, nor is it clear if whales used OTC trading platforms.

The total value of funds held by both Shiba Inu wallets stays at almost $40 million, or 1.3 trillion SHIB tokens.

SHIB market performance

The last days of March were considerably positive for all Shiba Inu holders as the token started rapidly gaining value and social attention. Since bottoming out in March, Shiba Inu has gained over 25% to its value at press time and 38% at the local peak.

Massive Amount of Dormant Bitcoin Has Been Activated

We could explain the strong performance of Shiba Inu on the market by both sentiment change and demand increase for alternative cryptocurrency exposure solutions. Historically, once coins like Cardano, Solana or Ethereum grow, memecoins and tokens like Shiba Inu or Dogecoin also receive some of their retail interest and gain value.

In March, Dogecoin gained almost 30% to its value, while Shiba Inu currently trades at $0.000027.

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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.