Whales Not Giving Up on SHIB Despite Nosedive

Shiba Inu stands at a unique proposition where both retail investors and whales are hooked to the token despite a steep nosedive in price.

Over the last few days, many whales have taken an entry position in SHIB as its price reached weekly lows. Whales are mostly accumulating Shiba Inu tokens in large numbers similar to how retail investors are buying the dips. Therefore, the trading volume for SHIB remains strong since its inception and transactions barely see a decline.

Also Read: Shiba Inu: Shiba Eternity Criticized by Community, Ask For Shibarium Instead

Data from Etherscan.io shows that a mysterious whale purchased 1 trillion SHIB tokens over the year. The whale then transferred 160 billion tokens to a different wallet on Monday. The same whale dumped nearly 623 billion SHIB tokens in various transactions in the last 20 days. However, despite the dump, the mysterious whale continues to hold another 300 billion tokens in his/her portfolio.

This is just one among the hundreds of whales that are out in the markets accumulating the token. The news of a new whale purchasing SHIB comes almost every three days and is now a common occurrence. Whales such as Gimli and BlueWhale 0073, among others, routinely pick up millions worth of SHIB tokens.

Also Read: Shiba Inu: Will Shibarium Burn 100 Trillion Tokens? Shytoshi Responds

SHIB whale trackers post more token purchases than the other altcoins out in the markets. Also, data from WhaleStats shows that the ETH-rich list owns nearly $130 million worth of SHIB tokens. The holdings come only below USDC, USDT, and stETH.

Shiba Inu: The Path Ahead

Shiba Inu released its mobile game ShibaEternity last week but the development failed to scale its price up. The token has a string of developments up its sleeves which include:

Shibarium layer-2 solution
SHIB: The Metaverse
ShibaSwap 2.0
ShibaNet
SHI stablecoin
Treat token

Among all the upcoming releases, the Shibarium L2 network is the most anticipated development. Investors believe Shibarium could sustainably scale the price of Shiba Inu in the indices as it could ‘burn’ tokens and also reduce gas fees considerably. Read here to know more details about why Shibarium could be a game changer for SHIB.

At press time, Shiba Inu was trading at $0.00001037 and is down 4.6% in the 24 hours day trade. The dog-themed token is down 88% from its all-time high of $0.00008616, which it reached in October 2021.