Ethereum Whales Bullish Towards Shiba Inu ($SHIB) As $88 Million Buying Spree Is Observed

• The purchase history of several Ethereum whales indicates their hawkish nature on meme coin Shiba Inu ($SHIB), and look forward to experiencing its success soon.

• Two wallet addresses togetherly hold the majority of the $SHIB token’s supply, with one wallet holding $40 million $SHIB while the other one holding $34 million.

• At the time of writing, the $SHIB token is trading at $0.00002104 after facing an uptrend of 1.13% in the past 24 hours. The token is now down by about 76% from its all-time high. Also, the trading volume of the token in the past 24 hours is down by 37.63%.

Shiba Inu has long been popular among Ethereum whales. Those whales with big ETH holdings are clearly striving for the meme coin’s growth, as evidenced by their purchasing histories. They’ve been some of the strongest proponents of the digital asset in the past, guiding it through rallies and holding on particularly during downtrends. This is still the case.

These Ethereum tycoons have been steadily increasing their holdings in recent months. This comes on the heels of the latest market crisis, which saw cryptocurrencies like Shiba Inu plummet to lower than 70% of their all-time peak price. Despite this, ETH whales are still hopeful for the meme coins, since they have bought Shiba Inu in significant quantities, likely in the hopes of seeing the cryptocurrency revive.

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Shiba Inu Holders In Profits Amidst The Latest Dip

Shiba Inus have come a long way since they were initially presented to the market the previous year. Those who bought well before the value spike are still in profit, even at its present reduced worth. Others have taken advantage of the slump to expand their meme coin holdings in anticipation of the upcoming bull rise. The Ethereum whales have gone a step further.

As per WhaleStats statistics, Ethereum whales are still primarily hawkish on Shiba Inu. This is demonstrated by their recent buying history, which shows that these traders do not assume the throne of dog-themed cryptocurrencies has ended. They have jointly bought trillions of Shiba Inu, firmly establishing the coin’s status as a whale favorite.

A sole address was used to make an almost $40 million Shiba Inu transaction. This address, together with some other whale wallets that purchased more than $34 million in SHIB, accounted for the majority of the supply. Other Ethereum whales, on the other hand, have piled on, buying among $1 and $12 million value of SHIB. These whales have one of the greatest Shiba Inu holdings, and their purchase history indicates that the heavy hitters are optimistic.

More Investors Migrate To $SHIB

With the rise of Shiba Inu, additional investors were anticipated to flock to the coin. Everything seemed to be fine for a while as the meme coin’s value proceeded to rise. Not long after, though, investors started to make gains and sell their assets. SHIB swiftly lost ground at its all-time high, dropping up to 50% of its worth in just a few months. The bulk of investors, though, was still in the black since they bought before the bull market began.

After the recent market meltdown, most of the holders are now experiencing losses. As per some analytics platforms, 59 percent of all Shiba Inu owners are now losing money, while only 38 percent are still making money.