Shiba Inu prices have faced tremendous selling pressure over the past few days. However, this price action has encouraged the larger Ethereum (ETH) whales to accumulate more SHIB tokens.
ETH whales buy Shiba Inu?
According to Whale Stats, two ETH Whale portfolios have purchased over 533 billion Shiba Inu tokens in the past 24 hours. This cumulative purchase amounts to $5.6 million. This move helped the SHIB token land in the top 10 purchases of the top 100 ETH whales over the past day.
🐳 ETH whale "Gimli" just bought 187,000,000,000 $shib ($1,991,550 USD).
Ranked #248 on WhaleStats: https://t.co/3bvrsUeq69
— WhaleStats (free data on crypto whales) (@WhaleStats) July 27, 2022
The ETH whale portfolio named “Gimli” alone added 386 billion Shiba Inu in two transactions. According to the data, another ETH whale named “BlueWhale0159″ bought 147 billion SHIB (worth about $1.55 million) in a single transaction.
Digging deeper, the data shows that Shiba Inu is still the largest token held by the top 100 ETH whales in dollar value. The largest whale holds about $540 million in SHIB tokens. This represents about 21.23% of their total holdings.
The Whale Tracker reported that the top 2,000 ETH whales own more than $633.9 million in Shiba Inu chips.
SHIB price increased by 3%.
It is important to note that whales are accumulating more and more Shiba Inu tokens amidst the recent price drop. While the SHIBarmy is actively burning the token meme. Shibburn reported that over 26.7 million SHIB tokens have been burned in the last 24 hours.
The price of Shiba Inu has jumped more than 3% in the past 24 hours. SHIB is trading at an average price of $0.000011. However, it is still trading 87% below its all-time high (ATH) of $0.000088. Meanwhile, SHIB’s 24-hour trading volume has dropped 18% to $309.7 million.