Main navigation

51 Billion SHIB Shoveled by Whales Following Massive Buying Spree on Market

News
Tue, 03/22/2022 - 10:21
article image
Arman Shirinyan
Billions of Shib getting grabbed by top 10 wallets on Ethereum network
51 Billion SHIB Shoveled by Whales Following Massive Buying Spree on Market
Cover image via stock.adobe.com
Read U.TODAY on
Google News

According to data from WhaleStats, the fourth biggest wallet on the Ethereum blockchain, purchased 51.4 billion Shiba Inu tokens, which puts the memecurrency's total USD holdings at $1.19 billion.

The ETH whale tagged as "Tsunade" spent $1.1 million on his or her most recent Shiba Inu purchase while already having $2.9 billion worth of various cryptocurrencies on the balance sheet. The largest holdings in the wallet are USDOGE and PAXG cryptocurrency tied to the price of the gold.

WhaleStats Data
Source: WhaleStats

Shiba Inu remains the most actively traded asset for the whale that almost doubled his holdings since the end of February. Previously, the whales' wallet was worth approximately $3.6 billion, while its worth increased to $8 billion recently.

SHIB recent performance

While whales have recently made many large purchases of Shiba Inu, the token's performance on the market remains degraded, with no hints of any type of recovery as the token has remained in the downtrend for the last 145 days.

Related
Anonymous Whale Suddenly Closes $120 Million Bitcoin Short on Market

Besides a prolonged downtrend, SHIB entered the descending triangle pattern, which should cause a volatility spike once the asset breaks through one of borders of the formation. Recently, Shiba Inu failed to break the resistance line despite attempting to break through the pattern on March 19.

Previously, another large wallet purchased a record-breaking 3.7 trillion Shiba Inu tokens worth almost $90 million. The purchase has been made by one of the biggest SHIB holders on the Ethereum network.

article image
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.