A large number of whales have begun taking entry positions in Shiba Inu since the first week of August. Just a month later, SHIB saw itself getting listed on top trading platforms such as Binance and Coinbase.
It is now reported that another mysterious whale has taken an entry position in SHIB by buying a whopping 699 billion coins through Binance and paid a staggering $4.9 million to own it with a gas fees of around $18.
WhaleStats, which tracks large volumes of purchases, reported the whale entry along with the wallet number and the time of transaction. ''An SHIB whale just bought 699,950,841,856 $SHIB ($4,955,652 USD) from Binance in last 24hrs,'' read the tweet.
Shiba Inu is having a wild run since August 2021 as the coin saw itself getting listed on eToro, WeBull, and continued its listing spree on top trading platforms such as Coinbase Pro, Binance and Coinbase in September. In July, the developers also launched Shiba Swap making it accessible to buy the coin for investors around the world.
The whale entry can be attributed to an upcoming Robinhood listing as reports are doing the rounds that the top trading platform would list SHIB after they release their much awaited 'crypto wallet'. Shiba Inu has engaged in record breaking volumes on Binance and Coinbase and Robinhood doesn't want to miss out on the larger share of the revenue pie.
Data on Coinbase also shows that Shiba Inu has attracted heavy buying pressure as 90.2% investors have kept the coin on 'buy' while only 9.8% of investors have placed it on 'sell'. The large buying pressure could propel its price to jump upwards after the market recovers from the Bitcoin-China ban crash.
Also, more than 1 million investors have kept SHIB on their 'watchlist' section and the numbers are edging its rival Dogecoin. A total of 1,116,959 investors have kept Shiba Inu on their watchlist, while 1,126,802 investors have placed Doge on their watchlist.
Shiba Inu is the third most talked about cryptocurrency in the world and is only behind Bitcoin and Ethereum, ICO Analytics reported. SHIB at the time of publishing was trading at $0.00000695 and is down -3.2% in the days trade.