Ethereum Whale Buys 4 Trillion Shiba Inu Crypto Coins, Sends SHIB Value Up by 10 Percent in 24 Hours

Shiba Inu has become the largest token held by Ethereum whales in their crypto wallets.

By Shomik Sen Bhattacharjee | Updated: 22 December 2021 19:00 IST

Ethereum Whale Buys 4 Trillion Shiba Inu Crypto Coins, Sends SHIB Value Up by 10 Percent in 24 Hours

Photo Credit: Unsplash/ Executium

Shiba Inu is reportedly the most traded token among the top 1,000 ETH wallets

Highlights

Whales have consistently pulled up SHIB's value over the past few weeks
The transaction saw Shiba Inu's value go up 10 percent in 24 hours
Shiba Inu tokens make up 26 percent of the whale's Ethereum portfolio

An Ethereum whale swooped up 4 trillion SHIB tokens in a single transaction worth $134 million (roughly Rs. 1,012 crore) causing Shiba Inu's value to rise by a whopping 10 percent over the past 24 hours. The entire crypto market has been on a strong rally over the past 24 hours with valuations of most popular crypto coins soaring, but the massive SHIB transaction by one particular whale saw Shiba Inu's percentage rise in value eclipse that of Bitcoin and Ether.

As per a tweet by WhaleStats which is a tracker that keeps a close eye on the wallets held by the 1,000 richest Ethereum whales, Shiba Inu is the “most traded and biggest hodling token among the top 1000 ETH wallets” at the moment. That said, this is hardly the first time Shiba Inu has proven to be the dominant choice for whales in top Ethereum wallet holdings.

> Looks like whales are really hungry for #SHIB ????????
>
> ???? An ETH whale added 4T $SHIB ($136M) in the past 24hrs ???? https://t.co/DCjI0wd9vF
>
> ???? $SHIB is most traded and biggest hodling token among the top 1000 ETH wallets#ShibArmy RT if u always think $SHIB is the King ???? pic.twitter.com/hOsa99etTl > > — WhaleStats - the top 1000 Ethereum richlist (@WhaleStats) December 21, 2021

Meanwhile, the wallet held by the whale who decided to buy 4 trillion SHIB tokens, now holds more than $144 million (roughly Rs. 1,087.89 crore) worth of Shiba Inu token, which makes up for 26 percent of the portfolio's holdings in Ethereum-based tokens. Popular metaverse tokens — The Sandbox and GALA, which make up another $122 million (roughly Rs. 921.52 crore) of the wallet's $500 million (roughly Rs. 3,776.34 crore) total value held in Ethereum-based tokens, with the rest scattered between Tether stable coins and altcoins like MATIC, Enjin, and Loopring.

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Just over a week back Shiba Inu reclaimed the first position by dollar value among the top 1000 Ethereum wallets. This happened after the Dogecoin-rival had dropped to the third position caused by consecutive price crashes. But consistently growing whale accumulation has ensured a steady rise. Since then, SHIB has maintained its status, currently standing at a concentration of 7.71 percent with a valuation of over $1 billion (roughly Rs. 7,554.85 crore).

Shiba Inu is well on its way to becoming a market leader, with its establishment in the commercial industry, working together with eminent industry players. This year SHIB partnered with giants like AMC, which is the largest movie theatre chain in the US, that now facilitates Shiba Inu payments. Along with AMC, the electronic retail giant, Newegg, recently took to Twitter to make the official announcement about accepting SHIB payments for its products.

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At the time of writing, Shiba Inu is currently the 13th largest coin and trades at $0.00003553 (roughly Rs. 0.0027) at press time. SHIB has seen immense growth in 2021, up 63392076.6 percent from its all-time low recorded on November 28 last year.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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