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Whale Grabs 74.9 Billion SHIB On the Dip After It Dropped $600 Million of Its Market Cap

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Fri, 10/15/2021 - 10:07
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Yuri Molchan
A cryptocurrency whale has bought SHIB on the dip as it suddenly dropped after a recent sparkling rally of over 300%
Whale Grabs 74.9 Billion SHIB On the Dip After It Dropped $600 Million of Its Market Cap
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According to an article by FXstreet, a large crypto investor has purchased a massive amount of Shiba Inu meme cryptocurrency—74.9 billion SHIB tokens—after the price of the asset plummeted on Oct. 14 and SHIB declined from 14th place to 21st place on CoinMarketCap.

Since Oct. 11, Shiba Inu has lost around two billion dollars of its market capitalization, dropping from $12 billion to $10 billion.

Whale now holds over $1.9 Million of SHIB

Recently, the meme-coin inspired by the Shiba Inu dog breed and proudly called a "Dogecoin killer" by its growing community has become a crypto trend and demonstrated a rally of more than 300% in one week.

On Oct. 7, it reached a high of $0.00003314. However, it was still almost 30% below its all-time high of $0.00004999 achieved on May 10.

By now, SHIB has declined by 31.95%, trading at 0.00002404 on Binance.

Meanwhile, as the coin plunged, a cryptocurrency whale invested almost $2 million, buying Shiba Inu. As reported by U.Today earlier, this is not the first whale to purchase eye-popping amounts of SHIB recently.

Before the aforementioned rally started, another anonymous whale purchased the first six trillion SHIB in a single transaction, and two days later bought three lumps that totaled 276 billion coins. Experts believe that these purchases were among the reasons for SHIB's 300% rally.

Related
"Dogecoin Killer" Shiba Inu to Be Listed on Turkey's Biggest and Oldest Exchange

Shiba Inu listed in India, Turkey, Austria

As reported by U.Today earlier, Shiba Inu has recently been listed on the oldest crypto exchange in India—ZebPay—which serves over four million customers on a regular basis.

Last week, support for SHIB was also added by Austria-based fintech company Bitpanda, which was funded by billionaire Peter Thiel's venture investment firm. Recently, the news has spread that the largest crypto exchange in Turkey, BtcTurk, also plans on listing this Dogecoin rival soon.

As a reminder, earlier this year, two major crypto exchanges also began trading SHIB—Coinbase (in September) and the Binance crypto giant (in May, when the coin reached its all-time high).

According to recent data published on Twitter, SHIB has been getting more mentions than Bitcoin, Ethereum, DOGE, ADA and other top 10 altcoins. Besides, a lot of investors in meme-coins prefer Shiba Inu to FLOKI.

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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.