Shiba Inu prices have faced tremendous selling pressure over the past few days. However, this price action has encouraged Ethereum’s (ETH) biggest whales to accumulate more SHIB tokens.
ETH whales buy Shiba Inus?
According to Whale Stats, two ETH whale wallets have purchased over 533 billion Shiba Inu tokens in the past 24 hours. This cumulative purchase amounts to $5.6 million. This move helped the SHIB token land in the top 10 buys of the top 100 ETH whales over the past day.
🐳 ETH whale “Gimli” just bought 187,000,000,000 $shib ($1,991,550).
Ranked #248 on WhaleStats: https://t.co/3bvrsUeq69
— WhaleStats (free data on crypto whales) (@WhaleStats) July 27, 2022
The ETH whale wallet named “Gimli” alone added 386 billion Shiba Inu in two transactions. According to the data, another ETH whale named “BlueWhale0159″ bought 147 billion SHIB (worth around $1.55 million) in a single transaction.
Digging deeper, the data shows that Shiba Inu is still the largest token held by the top 100 ETH whales by monetary value. The largest of the whales holds around $540 million worth of SHIB tokens. This represents approximately 21.23% of their total holdings.
The whale tracker reported that the top 2,000 ETH whales own over $633.9 million worth of Shiba Inu tokens.
The price of SHIB increased by 3%.
It is important to note that the whales are accumulating more and more Shiba Inu tokens amid the recent price drop. While the SHIBarmy is actively burning the meme token. Shibburn reported that over 26.7 million SHIB tokens have been burned in the past 24 hours.
The price of the Shiba Inu has jumped over 3% in the past 24 hours. SHIB is trading at an average price of $0.000011. However, it is still trading 87% below its all-time high (ATH) of $0.000088. Meanwhile, SHIB’s 24-hour trading volume fell 18% to $309.7 million.
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