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SHIB Worth $10 Million Bought in 6 Days by This Group of Investors

Wed, 11/02/2022 - 15:28
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Gamza Khanzadaev
Top ETH whales add $10 million worth of SHIB to their holdings as total number becomes colossal
SHIB Worth $10 Million Bought in 6 Days by This Group of Investors
Cover image via stock.adobe.com

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As reported by WhaleStats, the top 100 Ethereum holders have increased their positions in SHIB by nearly $10 million since the end of October. This group of investors now stands at 8.21 trillion SHIB, the equivalent of nearly $100 million.

Shiba Inu (SHIB) currently has a 4% share in the total portfolio of Ethereum's largest holders, with only stETH and WBTC having larger shares apart from stablecoins and ETH. Remarkably, driven by the DOGE narrative, the SHIB price pump started on just Oct. 28. At the time, Shiba Inu quotations headed north by more than 40%, but by today, after a wave of sell-offs, they had lost a third of that increase.

Related
SHIB Price in Powerful Action as It Nears Inflection Point

However, according to the transaction history of this group of investors, recent SHIB price behavior and whales' actions have not become contiguous events as was the case on previous occasions.

Shiba Inu ecosystem developments

As described above, SHIB's price has largely followed the price of DOGE, which in turn flew off on the news of Musk's purchase of Twitter. However, Shiba Inu as a standalone project announced a number of innovations and news that strengthened the foundation of SHIB's price.

Source: TradingView

This news mainly concerns Shibarium, the Layer 2 solution from Shiba Inu. According to the lead developer with the release of Shiba Eternity, the development team's attention is now shifting to work on the long-awaited protocol.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.