Mysterious Shiba Inu Whale Buys $558 Million Worth Meme Coins in One Day

A mysterious Shiba Inu whale has purchased $558 million worth of $SHIB coins on Sunday. However, this isn't an unusual situation, as many whales have taken similar steps in the past to boost the Doge rival's worth in the market.

Revealing the details of the transaction, another whale, who goes by the name username Gem Hunter on Twitter, shared a screenshot and wrote, "One whale just bought $558M of $SHIB." Look like the whale instantly increased the number of Shiba Inu or $SHIB coins in its account to exactly $558,621,283.12.

Earlier this month, another whale had bought a whopping $750 million Shiba Inu coins within the time frame of 10 days. The identity of the mysterious whale is yet unknown. However, the whale could be anyone, a billionaire, financial institution, entrepreneur or it could be a big burn.

Shiba Inu Whale Watch
Representational image / Pixabay

Meanwhile, we have seen Shiba Inu's price go up since its debut in August 2020, racking up gains of nearly 10,000,000%.

Moreover, Shiba Inu's growing demand has also driven the theatre chain AMC Entertainment to add $SHIB to their list of cryptocurrencies accepted for payment at theatres. This move shows that companies are actively exploring ways to induct cryptocurrencies as payment methods.

Will Shiba Inu see another bull run in December 2021?

Also, Whale Stats data suggest that Shiba Inu crypto has emerged as a favourite of Ethereum whales, too. Analysts predicted that SHIB could start the second leg of the bull run in the ongoing cycle. However, the recent slump in the cryptocurrency market says otherwise. With a market capitalisation of $24.9 billion, meme cryptocurrency currently ranks at number 14.

Shiba Inu has seen a massive jump in October 2021 as it surged +832.58% from +4.97% in September 2021. It would also be interesting to see if Shib Army, the loyal supporters of the decentralized cryptocurrency can manage to accelerate Shiba Inu's positive momentum in the coming months and set it for another bull run.

At the time of penning this article, Shiba Inu was trading at $0.00004515 down - 4.59 per cent in the day's trade, according to 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.