Ethereum whales continue to invest in altcoins, which continue their volatile price movements under macroeconomic pressures. However, their enthusiasm for some altcoin projects is spot on. According to recent data, whales are accumulating meme coins like the Shiba Inu to diversify their portfolios. As the SHIB price fell, the whales typically continued their purchases. Meanwhile, a leading ETH whale made the majority of the purchases.
Ethereum whale buys 536.51 billion SHIB
Ethereum whales have constantly accumulated Shiba Inu in their wallets as a way to diversify their portfolios. Typically when the Shiba Inu price drops, the whales buy the meme coin at a relatively low price. Whale accumulation is considered a harbinger of a rally in the Shiba Inu. Because shortly after we witnessed such accumulations in the past months, a rally appeared in the price of SHIB. The last of such purchases took place on September 12. On this date, one of the largest whales of the Ethereum network has collected 536.51 billion Shiba Inu tokens.
The leading Ethereum whale added such a large amount of SHIB to its wallet in less than 24 hours. The deep-pocketed investor made his purchases in a total of 14 trades as shown above. It also spent a total of $7 million at the end of the acquisitions. Data from Etherscan.io revealed even more interesting results. Accordingly, the whale’s $7 million purchase of SHIB took place as the price of the meme coin fell. This was seen as a harbinger of a rally among investors.
Sold billions of Shiba Inu after accumulation
Data from Etherscan.io reveals that Ethereum’s largest investor bought SHIB from two major cryptocurrency exchanges, Binance and Coinbase. Received 475 billion SHIB in the first ten transactions on Binance. The last few transactions involving 60 billion SHIB were made on the Coinbase exchange. As we reported on Kriptokoin.com, the whale sold a significant portion of its holding of 19.2 billion Shiba Inu worth $252,096 in a single post-accumulation transaction. The whale currently holds 519.3 billion Shiba Inu worth $6.82 million in the wallet.
Why is it important for Ethereum whales to accumulate SHIB?
It is extremely important that Shiba Inu is accumulated by major wallet investors on the Ethereum network. Because whale deposits are considered a bullish signal in the crypto community. There is even the model that large-scale purchases of SHIBs by whales are followed by a rally in the Shiba Inu. Accordingly, the local peak coincides with the price at which the whales sell their assets. Meanwhile, analysts revealed that the Shiba Inu price range is narrowing. According to them, meme coin has the potential to rally 50% right now.
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