Whales buying cryptocurrencies in bulk has become a quite common phenomenon, but its impact is huge in the crypto market as it can lead to a bull run. According to latest WhaleStats report, a mysterious Ethereum whale has bought a staggering 442 billion Shiba Inu tokens in a single transaction before moving the fund to a larger wallet. The whale invested a whopping $11.9 million to fill his bags with the meme-inspired cryptocurrency $SHIB.
The transaction was spotted by the crypto whale tracking service WhaleStats, which has also notified through Twitter that it was seeing this buyer invest a huge amount on SHIB for the first time. The transaction also shows that the funds were later moved to a different wallet with over $100 million worth of digital assets.
However, the wallet currently holds $47 million worth of Shiba Inu tokens making it the largest investment alone. Other then SHIB, the whale also holds $21 million worth of $MANA, Fantom ($FTM), The Sandbox's $SAND and Ethereum (ETH).
Bigger Entertainment to Support SHIB Community Burn 10% of The Token's Supply
The Ethereum whale also holds $KNC, $CHZ, $BAT, $SUSHI, and $ENJ, in significant quantity along with dozens of other altcoins.
WhaleStats data shows on average, the top 100 richest ETH whales increased their holdings in SHIB by 2.216 billion tokens, which is a 259% rise.
The whale transactions comes as plans to burn the meme token SHIB through various initiatives have been growing. Steven Cooper, CEO of crypto entertainment firm Bigger Entertainment, recently clarified in a tweet that the company will support the community of the meme-inspired cryptocurrency in burning 10% of its supply, according to a CryptoGlobe report.
Shiba Inu Current Price
At the time of publishing, Shiba Inu was trading at $0.00002413, down by -2.90% in a 24-hour period while the world's largest cryptocurrency Bitcoin was trading at $39,065.76, down by -5.81% and once again leaving traders disappointed.