Ethereum Whale Scoops Up $3.6 Million Worth of Shiba Inu

An Ethereum whale called “Gimli” has bought an additional 110 billion Shiba Inu tokens that were worth $3.62 million at the time of the purchase, according to WhaleStats. 

The whale, which bears the name of a fictional dwarf warrior created by writer J. R. R. Tolkien, currently holds $47.8 million worth of SHIB tokens, which is his second-biggest token.

Gimli owns a total of $1.6 billion worth of ERC-20 tokens, which makes him one of the biggest holders. 

This is the first SHIB purchase made the mega-whale this year. On Dec. 3, “Gimli” bought 28.2 billion SHIB tokens that were worth $1.1 million at the time of the purchase. This was preceded by another $2.4 million Shiba Inu buy on Dec. 2.

Shiba Inu remains the darling of Ethereum whales, currently accounting for 14.67% of their total holdings. The FTX token (FTX), the native token of the eponymous cryptocurrency exchange, is in second place with a 13.37% share.      

With that being said, the cryptocurrency is still down 61.69% from its all-time high of $0.00008616 that was reached on Oct. 28.

The second-largest meme coin is down 2.24% over the past 24 hours, continuing its streak of anemic price action. Yet, the most recent purchase shows that whales are not discouraged by such lethargic performance as they continue to buy the dip.

At the time of writing, SHIB is changing hands at $0.000032 on major spot exchanges.