Etherium Whale Gobbles Up 28 Billion SHIB Tokens Worth $1.1 Million Amid Crypto Market Correction

While Bitcoin and Dogecoin tanked during the latest market crash, it's Shiba Inu coin, which has been reaching for the moon. Reports suggest that the Dogecoin killer is attracting millions of investors worldwide. It has become the most invested digital coin between October and November 2021. Thanks to the whales, the price of Shiba Inu is rising every day. On December 3, another Ethereum whale dubbed "Gimli" accumulated a whopping 28 billion tokens of SHIB to their portfolio.

Shiba Inu surged 38% last Tuesday, despite the bloodbath continuing on both the Bitcoin and altcoins markets. The meme currency is currently ranking at number 13 in the cryptocurrency market, according to CoinMarketCap. To be more specific, the whale transferred coins from one wallet to another, which has also raised concerns when he would sell the cryptocurrency.

Meanwhile, there are several reasons why crypto whales are loading up more Shiba Inu coins to their bags. WhaleStats reports suggest that the average balance of the top 100 Ethereum wallets holding SHIB had gone up by a whopping 42.7% to 2.523 billion alone in a day's trade during the last week of November.

Shiba Inu Whale
Representational image / Pixabay

This massive transaction took place following an announcement by the Shiba Inu team that the company has hired gaming industry veteran William Volk for the altcoin's potential expansion into the metaverse.

It is to be noted that while most crypto investors or traders are selling their holdings amid the crypto market correction, SHIB, one of the most popular tokens among whales maintains its strong place on whale-tier addresses.

Most of the time, the identity of such crypto whales remain to be a mystery. Looking at such a large scale of transactions, whales are more often a financial institution, a billionaire entrepreneur, or a business entity.

Shiba Inu (SHIB) price today (December 5, 2021)

Shiba Inu (SHIB) price today is $0.00003599 with a trading volume of $3,935,494,248 USD trading volume at the time of penning this article. Shiba Inu is down - 9.59% in the last 24 hours. The current circulating supply stands at 589,736,567,638,421 SHIB coins, according to the crypto trading platform CoinMarketCap.

International Business Times advises crypto enthusiasts and investors to be well aware of the latest updates in the crypto market and not fall for the rumours.

This article was first published on December 5, 2021