Main navigation

Shiba Inu Price Drop Makes This Whale Buy Another 70 Billion SHIB

Tue, 10/11/2022 - 13:14
article image
Gamza Khanzadaev
Shiba Inu price drop makes this investor spend hundreds of thousands on SHIB
Shiba Inu Price Drop Makes This Whale Buy Another 70 Billion SHIB
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

According to crypto analytics portal CryptEye, an unknown large investor has bought $730,000 worth of SHIB in the last 24 hours, which equates to around 70,86 billion tokens. In the past seven days, $833,498 has been spent on SHIB purchases by this cryptocurrency whale. In total, the investor has $31.15 million worth of Shiba Inu tokens in its portfolio, equal to 3 trillion SHIB.

Source: CoinMarketCap

The big purchase came on the day when the SHIB price fell by more than 7%. Having opened trades for the new week at $0.000011, the price of SHIB was falling so low that it added another zero in one moment in its money terms. Nevertheless, since yesterday's most painful drop, an investor may have already managed to make 2% to 3% on his purchase.

Whales' obsession with SHIB

It is hard to know who this whale is and if he is directly affiliated with the Shiba Inu project, given that SHIB has the largest share of his portfolio after Ethereum. According to WhaleStats, among all non-ETH cryptocurrencies, SHIB accounts for 73% of the portfolio.

In addition, Shiba Inu still holds a large share in the portfolios of the hundred largest Ethereum whales. According to all the same data, 5.11% of the total aggregate portfolio of this group of investors is held by SHIB, which is equivalent to $126.4 million. SHIB's share is second only to ETH, stablecoins and the synthetic stETH version.

article image
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.