Ethereum Whale Snaps Up $6 Million Worth Of SHIB As Accumulation Trend Continues

Ethereum whales remain some of the biggest supporters of SHIB. These whales have continuously purchased the meme coin in large quantities through the bull and bear trends. They own some of the largest shares of the digital asset, most of which they have been holding on to for quite some time. Recently, these whales have been increasing their holdings, with the most recent one being quite a significant acquisition.

Ethereum Whale Buys $6 Million SHIB

WhaleStats is a service that collects data from big purchases or movements across various blockchains and reports them. It also analyzes the top 1,000 wallets of different networks to see what they are buying and holding. Recently, this bot reported on a transaction that was made by the 208th largest whale on the Ethereum network. This whale had purchased a significant amount of SHIB.

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The report notes that this Ethereum whale had bought more than 271 billion Shiba Inu tokens, coming out to a dollar value of $6,086,838 million at the time of purchase. It is not the only ETH whale that has purchased large amounts of the meme coin.

🐋🐋 An ETH whale just bought 271,370,420,624 $shib ($6,086,838 USD).

Transaction hash: 0x0416f4cfd03cf1a4b14f7d988ae60b75594fcc2597842793f2fc1672df9dd346#SHIB #ShibArmy

— WhaleStats – BabyWhale ($BBW) (@WhaleStats) March 16, 2022

Bitcoinist reported earlier in the week that Ethereum whales had upped their activity when it came to the meme coin. One single way had purchased 49.6 billion SHIB coming out at $1,094,317 at the time of purchase. SHIB had also overtaken FTX once more as the most widely held token by dollar value among the top 1,000 ETH whales at the same time.

How Is Shiba Inu Responding?

SHIB has been holding up quite nicely on the charts. With various accumulations and burns going on, the digital asset has not had too much of a hard time of it, although it does follow general trends of the crypto market like every other coin.

SHIB recovers after whale accumulation | Source: SHIBUSD on TradingView.com

As for the large purchases made by whales and how they affected the cryptocurrency, the changes have not been that apparent. There was a spike in the price on Wednesday following this purchase but not by a large margin. SHIB had moved from $0.00002152 to $0.00002280 as the trading day drew to a close. However, there was a small downward correction that brought it back down to $0.000036.

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Shiba Inu is currently trading at $0.00002238, landing at a higher low after its correction. It still remains the second-largest meme coin by market cap at $12.30 billion.

Featured image from Cryptopolitan, chart from TradingView.com