Ethereum (ETH): A whale buys 536 billion SHIB!

The largest whale in Ethereum (ETH) completed a series of transactions that saw it acquire 536 billion SHIB. She made her purchases on two different cryptocurrency exchanges. What impact have the transactions had on the price of SHIB?

Movements that do not stop the downtrend

Ethereum’s first whale recently bought 536 billion Shiba Inu (SHIB), spending $7 million. The whale made this massive memecoin purchase on two cryptocurrency exchanges: Binance and Coinbase. To reach 536 billion SHIB, it carried out 14 different trades. The operation placed the Shiba in the list of cryptos currently in tendency.

The whale bought 475.7 billion SHIB at $6.2 million in its first round of transactions. Another series of 4 trades allowed him to buy additional SHIBs at $795,262. You should know that before all these transactions, the price of SHIB was in free fall. And the movements of the whale did not prevent the decline in the price of SHIB from continuing.

It should be noted that Shiba Inu (SHIB) is facing an 85% drop from its historic peak. Additionally, Whales have reduced their SHIB holdings significantly since the start of 2022. Note that the entire holdings of the first 100 Ethereum Whales are comprised of only 3.89% SHIB.

This percentage is very low compared to what was observed when Shiba Inu (SHIB) reached an all-time high. Indeed, Shiba Inu then represented more than 20% of the total holdings of the first 100 whales of Ethereum.

As we witness a continued decline in the price of Shiba Inu (SHIB), Ethereum’s largest whale buys 536 billion of memecoin. Note that the cumulative SHIB holdings of the first 100 whales of Ethereum represent 152 million dollars whereas it was worth a billion dollars before.

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Luc Jose Adjinacou avatar
Luc Jose Adjinacou

Far from having dampened my enthusiasm, an unsuccessful investment in a cryptocurrency in 2017 only increased my enthusiasm. I therefore resolved to study and understand the blockchain and its many uses and to relay with my pen information relating to this ecosystem.

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