- Ethereum’s biggest whale hoarded 536.51 billion SHIB tokens through various transactions in a 24-hour period.
- Large portfolio investors on the Ethereum network continue to hoard meme coins like Shiba Inu, diversifying their portfolio.
- In the last 24 hours, 145.7 million Shiba Inu tokens have been burned, removing them from circulation.
Large portfolio investors on the Ethereum network are interested in accumulating meme coins like Shiba Inu to diversify their portfolio. Whales have typically picked up SHIB during a drop in the price of the meme coin.
536.510 million Shiba Inu bought by the Ethereum whale
Ethereum whales have consistently accumulated Shiba Inu in their wallets as a means of diversifying their portfolio. Normally, when the price of Shiba Inu goes down, the whales get the meme currency at a relatively low price. The accumulation of whales is considered a precursor to an uptick in Shiba Inu based on previous trends in the past two months.
Recently, on September 12, in a 24-hour period, one of the largest whales on the Ethereum network made off with 536.51 billion Shiba Inu tokens. The wealthy Ethereum investor spent $7 million on the purchase, in 14 transactions. According to data from Etherscan.io, the whale is known to acquire Shiba Inu during a meme coin price crash.
Ethereum whale accumulates Shiba Inu
Data from Etherscan.io reveals that the largest Ethereum investor has acquired SHIB in Binance and Coinbase, two large cryptocurrency exchanges. The first ten transactions accounted for 475 billion SHIB, the following on Coinbase accounted for 60 billion. After the buildup, the whale sold a significant portion of Shiba Inu’s holdings, 19.2 billion tokens worth $252,096 in a single transaction. The whale now has 519.3 billion Shiba Inu worth $6.82 million in his wallet.
Ethereum Whale Wallet
Why is the accumulation of SHIB by the whale important?
The accumulation of Shiba Inu by large wallet investors on the Ethereum network is considered a bullish sign in the cryptocurrency community. A pattern has emerged where large-scale purchases of SHIB by whales are followed by a rally in the meme coin. The local maximum coincides with the price at which the whales dispose of their holdings.
FXStreet analysts identified how the Shiba Inu price range has narrowed and there is potential for a 50% rally in the meme coin. For more information and key levels, check out the following video:
Source: Fx Street