Shiba Inu: Whale buys 100 billion SHIB despite decline

Shiba Inu

TL; DR Breakdown

  • Whale scoops up 100 billion Shiba Inu tokens
  • The whale paid $3.8 billion for the tokens
  • The crypto market is divided over the potential of the token

Shiba Inu burst into the limelight last year after its developers cited the good prospects behind the project. Since then, there has been no going back from investors in scooping up large volumes of the token. Although the market is currently in turmoil, Shiba Inu investors are unfettered as they have continued to buy millions and billions of tokens. According to an update by the analysis website, WhaleStats, one of the top holders of BNB, has scooped up a massive 100 billion Shiba Inu token.

The Shiba Inu was bought for $3.8 million

According to the WholeStats data, the entire 100 billion SHIB tokens were bought for about $3.8 million. Asides from the wallet being one of the highest holders of Shiba Inu, it also holds about $500,000 worth of BNB and another token based on Binance Smart Chain. This latest purchase is coming off the back of high-value purchases from investors classed as whales.

Whales are investors who enter the market to purchase massive amounts of tokens. They are usually ranked in the top ten categories for wallets with the highest tokens worldwide. According to analysts, one of the reasons these whales are scooping up the token is that they believe the asset might grow higher in the future. Presently, Shiba Inu is not doing well in the crypto market as it has lost 3.47% of its value in 24 hours to trade at $0.00003702.

Investors divided over the token

Although the token is struggling, more than 1000 wallets worldwide contain high amounts of the token. Another clear fact is that the asset has gradually warmed its way into the hearts of investors. Some analysts believe the token does not have the said potential that the developers claimed Wolf of Wall Street; Jordan Belfort positioned that the role is a fraud and should not get all the hype it is getting in the market.

Belfast was arrested after swindling investors off their hard-earned money. In a recent interview, the ex-Wall Street trader hopes that the developers of the token end up in jail. Retail traders have been cautious in their approach to the meme coin due to the amount that whale traders are scooping up. According to recent data, whale investors own about 89% of the entire Shiba Inu in circulation.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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