Over The Course Of Two Days, SHIB Whale Purchased 6.3 Trillion Shiba Inu Tokens, Causing Prices To Rise
The Dogecoin competitor has piqued the curiosity of crypto whales, who have been betting big on SHIB since its launch.
Over two days, an unidentified buyer went on a SHIB coin shopping spree, purchasing about 6.3 trillion coins. On October 1, the whale began his shopping spree by purchasing a massive 6 trillion SHIB coins for $43,838,900. (around Rs. 3,27,81,19,505). The whale then proceeded to buy another 116 billion coins the next day, followed by two more 159 billion coin purchases and another 1 billion coin transactions, all of which occurred within a few hours.
On Saturday, October 2, the whale purchased a total of 276 billion SHIB coins on its own. Due to the enormous volume, the SHIB coin price increased by 5% before settling at roughly 3%. But this isn't the first time a whale has flipped the viral coin's fortunes. Shiba Inu was launched in August 2020 to capitalise on the popularity of Dogecoin, which attracted a slew of new investors to the cryptocurrency industry.
Shiba Inu, unlike Dogecoin, levelled up almost instantly. Investors seemed highly interested in Shiba Inu as the total value locked (TVL) rocketed to values close to $2 billion in June and July. According to DeFiLlama, the TVL has since declined to under $300 million. But that hasn't discouraged mysterious SHIB whales from buying massive portions of the asset.
Indeed, whale interest has only bolstered Shiba Inu's position in the market over the last few months. SHIB was first listed on eToro, an Israeli-based worldwide social trading platform, in late June, and has since gone on to be listed on CoinBase Pro and WeBull in early August, all fueled by whales buying billions of coins. September was similar, and SHIB was added to Binance's portfolio as well. The meme coin known as 'Doge-killer' has a sizable social media following, with nearly a million followers on Twitter. Fans believe that a debut on RobinHood is on the way.