Ethereum whales have continued to showcase their interest in Shiba Inu (SHIB) with their buying spree as crypto bulls gather strength for a notable comeback.
According to WhaleStats, the tracker of Ethereum whales’ activity, the ETH bag holders increased their SHIB holdings by over 560% within 24 hours.
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As reported by the ETH whales’ tracker, their SHIB holdings grew from $736,000 to over $5 million within 24 hours, making SHIB become the second-largest token held by ETH whales in the process.
Behind Shiba Inu (SHIB) are a list of other tokens such as Ethereum’s scaling solution Polygon (MATIC), the native token of decentralized virtual world Decentraland (MANA), and the utility token of the Cronos (CRO) ecosystem.
Why The Sudden Increase?
The sudden increase in the number of Shiba Inu in the Ethereum whales’ portfolios can be attributed to the whopping purchase initiated by two whales, codenamed “Gimli,” and “BlueWhale0159”.
Between the 27th and 28th of July, the two ETH whales collectively accumulated a total of 1.06 trillion SHIB tokens worth $12.95 million at the time of purchase.
This increase in SHIB accumulation among Ethereum whales comes at a time when over 60% of Shiba Inu investors are at loss. At current prices, only 27% of SHIB holders are in profit, while just 4% are at the break-even level.
Data also show that about 26% of Shiba Inu holders have held the digital currency for over a year, while 70% have held the crypto between 1 to 12 months.
At the time of writing, Shiba Inu (SHIB) is trading at $0.00001202, with a relatively 6% price upsurge in the last 24 hours.