Why Shiba Inu Whales are continuously buying more tokens?

Nevertheless, SHIB was not among the top held tokens for this whale. Instead, stablecoins like Tether [USDT] and USD Coin [USDC] took 43% and 24% of its portfolio. The remainder was distributed in altcoins like Polygon [MATIC] and Chainlink [LINK]. In fact, SHIB took the sixth position in the whale’s wallet with the current balance of 403,241,855 tokens.

The Whale was also interested in getting their hands on some Dogecoin [DOGE], Bitcoin [BTC], Ethereum [ETH], and FTX token [FTT].

The timing of the SHIB purchase seems interesting as the new portal was reporting a burn of 22.5 billion SHIB tokens in just a week. If you’re not familiar, the burn process helps reduce the circulation of the token, thus cutting the supply with the hopes to pull the price given the high demand. Now, this has not yet come true for SHIB trying to ditch as many decimals as possible, but the community was still optimistic.

Overall, Shiba Inu still held first place on the Ethereum Whales holding list. Per data, Ethereum whales held close to $1 billion worth of SHIB, making 15% of their portfolio. SHIB was followed by FTT and stablecoin USDC.

Meanwhile, the asset was trending a percentage lower over the past 24-hours. The crypto asset was trading at $0.00002088, at press time.