Altcoin Shiba Inu (SHIB), which started as a joke, is now rocking decentralized finance. From being an unknown memecoin to being a major competitor for Dogecoin, SHIB has come a long way. Many crypto whales, including major investors in Ethereum (ETH) and Dogecoin (DOGE), are raising massive amounts of SHIB. While the cryptocurrency market is recovering, the Shiba Inu is doing relatively well.
Whales influence the rise in altcoin price
Since its inception in 2020, the Shiba Inu has been in the limelight as it has performed well in the market. For a short time, altcoin SHIB outperformed DOGE and even made it into the top 10 cryptocurrencies list. When SHIB hit an all-time high in November last year, many investors took good profits from it. However, crypto whales are playing a big role in boosting the price of memecoin. Recently, whales’ interest in SHIB has increased even more. Ethereum whales are constantly increasing their SHIB investment to make a decent profit when the cryptocurrency hits new highs. On the other hand, the Shiba Inu community continues to increase its burning events to give an edge to the value of memcoin.
The price of the Shiba Inu has been on the rise for the past few days. Although the altcoin is down over 67 percent from its all-time high, the recent 25 percent price surge seems to have stolen the scene. Due to the increasing value of the SHIB, many existing Shiba Inu whales are increasing their investments. Etherscan, a platform that tracks transactions by major investors, has revealed that in the past few weeks, crypto whales have purchased 200,588,182,473 SHIB tokens.
Shiba Inu invasion from Ethereum whales
This is not the first major investment where whales have amassed large amounts of altcoin SHIB. As cryptokoin.com previously reported, in early April, the same whale made a much larger SHIB purchase of over 3.7 trillion tokens. While the reason is unclear, lately many investors have been buying SHIBs just to burn. For a long time, Ethereum whales have been interested in the Shiba Inu investment. Last December, an Ethereum whale bought 4 trillion SHIB tokens in a single transaction worth $134 million. According to WhaleStats, which closely monitors the 1,000 richest Ethereum whales, Shiba Inu is ‘the most traded and largest token among the top 1,000 ETH wallets. Even amid Russia-Ukraine tensions, crypto whales were seen transferring their funds to SHIB. WhaleStats reported that at the time, two major Ethereum whales had purchased 105.7 billion SHIB tokens.
On the other hand, altcoin SHIB’s growing partnerships with crypto exchanges and the anticipated launch of Shibarium are giving the token an edge. Shibarium is expected to counter many of the underlying challenges of the current grid, such as lower gas fees. The Shiba Inu also recently announced its Metaverse debut.
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