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Here's What's Driving Whales to Buy More SHIB

Thu, 08/25/2022 - 10:25
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Yuri Molchan
Shiba Inu is again drawing attention and money of top Ethereum whales
Here's What's Driving Whales to Buy More SHIB
Cover image via stock.adobe.com

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WhaleStats crypto wallet tracker focused on whales' addresses has reported that, in the past 24 hours, the interest of large investors in Ethereum in the Shiba Inu meme coin has resumed, and it has become one of the most purchased tokens on the ETH chain.

In the meantime, SHIB burns continue, and over 110 million SHIB has been destroyed.

SHIB reenters the top purchased coins list

As per a recent tweet posted by WhaleStats, Shiba Inu has made its way back to the list of the 10 most purchased tokens by the 100 largest Ethereum whales.

Large holders of Ethereum tokens from time to time first buy and then sell astonishing amounts of SHIB in order to speculate and lock in profits from the meme coin's price fluctuations.

Whales grab $37.6 million in SHIB

Per figures recently shared on the WhaleStats website, over the past 24 hours, the top 100 Ethereum token holders have purchased over $37.6 million worth of Shiba Inu. This amounts to 2,827,067,669,172 SHIB. The second most popular canine token after Dogecoin is now holding fourth place among whales' assets, accounting for 5.26% of their massive portfolio.

The first two places continue to belong to USD-based stablecoins USDT and USDC. At the time of this writing, the whales are storing $157,364,016 worth of SHIB in their wallets, compared to $119,787,272 in Shiba Inu held on Wednesday. This was a result of selling $37.3 million worth of SHIB. Now, they have bought nearly the same amount of the canine token.

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Image via WhaleStats

110.4 million SHIB set aflame

A recently published tweet by Shibburn tracker says that, over the past 24 hours, another massive lump of SHIB has been sent to "inferno" wallets.

This time, seven transactions managed to burn a total of 110,485,436 Shiba Inu. The largest amount of SHIB burned over the last 24 hours, according to the Shibburn website, has been 49,896,943 Shiba Inu 21 hours ago.

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SHIB "urged" to soar to $0.01

While large investors are buying and selling millions of USD worth of SHIB to make profits, ordinary holders and businesses are burning these meme tokens in an attempt to remove as many SHIB as they can from the circulating supply in an attempt to push the SHIB price higher – to the $0.01 level and above it.

Recently, crypto influencer David Gokhshtein took to Twitter to share his hope that Shiba Inu will reach this price level soon. He tweeted that he needs "SHIB to do him a favor" and rise to $0.01.

He has been bullish on this meme coin overall throughout the year.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.