According to analysis from the past few days on Ethereum-powered SHIB, buying pressure seems to have increased. There has been an increase in transactions and whale action on the token. The whale activity and transaction rate are higher than any other meme token powered by Ethereum.
Large Investor/Whale Purchase $150 billion SHIB Token
WhaleStat has announced that SHIB has become the highest whale holding among the ETH-powered cryptocurrencies. WhaleStat is a high-profile cryptocurrency platform that researches and reports on the highest 500 cryptocurrency holding wallets on different platforms.
The cryptocurrency analysis site reported that a large ETH investor named “Bluehale0159” bought a Shiba Inu meme token worth $150,000,000,000. The whale purchased the massive amount of the meme token with $1,783,849. This purchase is considered a very thrilling and shocking move by the whale.
The purchase may be a short or long-term holding. Research about the whale holder shows that the $150 billion token takes only 5% of the investor’s total cryptocurrency assets. The remaining 95% of his portfolio are stablecoins.
The platform also revealed that for the past seven days, whale action on the Shiba Inu meme token had increased massively. SHIB’s whale action is higher than other tokens and cryptocurrencies on the Ethereum blockchain.
The current transactions and activity on the token have got SHIB on the list of the top 10 most purchased cryptocurrencies by ETH investors. Shiba Inu is officially the second biggest meme coin in the cryptocurrency market.
There are indications that investors are purchasing the meme token just for prediction. This speculation is triggered by how whales hold the token for the short term. The tokens are sold just a few days or hours after purchasing them.
Drop In Market Price, Whales Wallet Reducing
Despite the increasing activity and holding of the token, the market price dropped in the past 24 hours. SHIB price dropped by approximately 6%, causing the price to move to $0.00001152.
The meme token is the biggest whale-holding currency in US dollars. However, SHIB whales, investors, and buyers’ wallets seem to be decreasing.
WhalesStat stated that during the past 24 hours, a wallet holding SHIB of approximately $664,482,512 dropped $554,837,60. SHIB constitutes 20% of the wallet’s total portfolio. There are specifications that SHIB market price and movement may affect the current situation in the cryptocurrency markets
During the past seven days, the significant bull run by the coin was on the 18th of July. The 12% price bull was triggered by the rally in the cryptocurrency market, bringing the three-week-long rally to 56.93%.
SHIB’s traders, holders, and buyers must be on high alert; the next move of the token is highly unpredictable. Judging from the sudden 37% price crash in June, reclamation seems near.