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

An Ethereum whale swooped in over 4 trillion SHIB tokens in a single transaction worth $134 million (approximately Rs 1,012 crore), increasing the value of the Shiba Inu by 10 percent in the past 24 hours. There has been a strong rally in the entire crypto market in the last 24 hours with the valuations of the most popular crypto coins, but the massive SHIB transaction by a particular whale saw an increase in the percentage of bitcoin and ether in the Shiba Inu’s value eclipse.

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

Meanwhile, the wallet that decided to buy 4 trillion SHIB tokens from Whale now holds over $144 million (about Rs 1,087.89 crore) worth of Shiba Inu tokens, which accounts for 26 percent of the Ethereum-based portfolio. The tokens make up another $122 million (about Rs 921.52 crore) of the wallet’s total value of $500 million (about Rs 3,776.34 crore) of the popular Metaverse tokens – Sandbox and GALA, held in the Ethereum-based token, the rest of the Tether stable scattered between. Coins and altcoins such as MATIC, Enjin and Loopring.

Just a week ago, the Shiba Inu reclaimed the first spot in the top 1000 Ethereum wallets by dollar value. This happened after Dogecoin-rival had dropped to third place due to frequent price crashes. But the ever-increasing whale accumulation has ensured a steady increase. Since then, SHIB has maintained its position, which currently stands at a concentration of 7.71 per cent with a valuation of over $1 billion (about Rs 7,554.85 crore).

The Shiba Inu is well on its way to becoming a market leader, having established itself in the commercial industry, working closely with reputable industry players. This year SHIB partnered with stalwarts like AMC, which is the largest movie theater chain in the US, now offers Shiba Inu payments. Along with AMC, Newegg, the electronic retail giant, recently took to Twitter official announcement About accepting SHIB payments for your products.

while writing, Shiba Inu It is currently the 13th largest coin and trades at $0.00003553 (approx. Rs. 0.0027) as of press time. SHIB has witnessed tremendous growth in 2021, up 63392076.6% from its all-time low recorded on November 28 last year.

Interested in cryptocurrency? We Discuss Cryptocurrency with WazirX CEO Nischal Shetty and WeekendInvesting Founder Alok Jain of class, Gadgets 360 Podcast. available on orbital Apple Podcasts, google podcasts, Spotify, amazon music And wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, is not legal tender and is subject to market risks. The information in this article is not intended to be financial advice, business advice or any kind of advice or recommendation given or endorsed by NDTV. NDTV shall not be liable for any loss arising out of any investment based on any alleged recommendation, forecast or any other information contained in the article.