Lately, the crypto market has been reviving its bearish trend but recently started dropping down, such a huge movement seems surprising
Despite the lows where cryptocurrencies in the overall crypto space are plugging, one of the Ethereum network’s biggest whales bought a significant amount of meme coin Shiba Inu tokens. The huge amount has reflected soon on the price of assets that showed recovery of the digital asset as per the data shown by WhaleStats.
The transaction data showed that the wallet titled ‘Light’ purchased SHIBs worth $6.4 million for around 287 billion tokens of Shiba Inu with the inclusion of a transaction fee in ETH worth $6.
Despite the scenario created after drops in prices of crypto assets, more and more whales started acquiring Shiba Inu in large quantities seeking the heavy discount. The total value of USD against SHIB holdings jumped to $1.19 billion that putting the asset in first place among other assets with its 14.6%. Second place was acquired by FTX token among other held assets with the dominance of 12.9%. This makes Shiba Inu’s dominance the highest among all other assets in terms of USD value since February 2022.
For SHIB investors, unfortunately, the asset is not performing well and has not shown a positive behavior since the asset’s most recent rally in the cryptocurrency market as the Shiba Inu token lost more than 20% in the past two weeks.
Before the price rally on the market where Shiba Inu reached its local lowest of $0.000021 which was considered as the bottom for the meme token that reverted or bounced back to almost trading price of $0.00003 brought the profits of the crypto assets more than 50%.
Source: https://www.thecoinrepublic.com/2022/04/16/why-did-the-biggest-ethereum-whale-purchase-287-billion-shib/