Whales Take Entry Position in Shiba Inu by Converting Ethereum Holdings to SHIB, Records Show

Shiba Inu has seen a sudden spike in the number of 'whales' entering the market by converting their Ethereum holdings to SHIB coins, records from WhaleStats tracker shows.

A mysterious and unidentified whale purchased 321,909,863,106 Shiba Inu coins by paying a whopping $2,230,835 on Monday and Tuesday another whale brought 386,892,649,303 SHIB coins for a staggering $2,526,408.

Shiba Inu Cryptocurrency Coin

On September 11, a whale entered Shiba Inu by buying 202,231,259,635 coins worth $1,397,418. During the first week of September, a whale purchased 150 billion SHIB coins worth $1,126,500.

Since August 2021, many other whales have made an entry position in SHIB and the number of buying large amounts of holdings by unidentified individuals by converting their ETH to SHIB is growing.

Also, in July, records show that Binance might have purchased 83.5 trillion Shiba Inu coins and made an entry position much early. However, it is not known if the amount was from the exchange swap platforms or their own purchase.

Reports are doing the rounds that crypto insiders know details about an upcoming announcement that could positively impact Shiba Inu's price and hence buying large holdings in SHIB.

The major announcement could be that Robinhood would soon announce listing Shiba Inu on their platform and the trading firm might bring SHIB on board sometime in September, 2021.

Coinbase Pro listed Shiba Inu last week and engaged in record breaking volumes while topping the ERC-20 holdings.

Apart from Coinbase Pro, Shiba Inu was recently listed on eToro and WeBull and its about time that Robinhood make an official announcement about listing the coin on their app.

The number of Shiba Inu investors are also increasing by the day and data shows that the coin has attracted more than 1,000 new and first-time buyers into its fold everyday.

The International Business Times analyzed Shiba Inu's prospects and the coin has the capability to deliver richness in the long run if investors have the patience to hold on to their assets for more than a decade.

Shiba Inu, at the time of publishing, was trading at $0.00000657 and is up +0.3% in the days trade. The coin is expected to zoom ahead with the large concentration of whales buying and circulating around it.