131 Billion Shiba Inu Coin Scooped By The Whale; Is This Shibarium Effect?

Ashish Kumar
March 4, 2023
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
shiba inu coin news

Shiba Inu Coin News: The cumulative meme tokens’ cap took a major hit as the biggest crypto like Bitcoin (BTC) and Ethereum (ETH) prices dropped by around 3% over the past 7 days. However, the crypto whales successfully grabbed the buy the dip opportunity to add billions of Shiba Inu Coins.

Advertisement
Advertisement

Are Whales After Shiba Inu?

As per the data provided by the Whalestats, an Ethereum (ETH) whale address tagged as “BlueWhales0073” accumulated 131.4 billion Shiba Inu Coin (approx worth $1.48 million) in a single scoop.

This massive accumulation came in when Shiba Inu price registered a drop of 10% over the past 7 days. SHIB is trading at an average price of $0.000011, at the press time. Its 24 hour trading volume is down by a massive 51% to stand at $143.4 million.

As we dig in, Shiba Inu is the largest token held by the dollar value among the largest 100 ETH whales. They are cumulatively holding $601 million worth of SHIB tokens. It makes up 11.94% of their total holdings.

Shiba Inu coin has landed on the tally of the top 10 tokens purchased by the biggest whales in the last 24 hours. While it also made it to the list of most used contracts by the top 100 ETH whales. However, its 24 hour burn rate has registered a decline of around 4%. Around 31.5 million SHIB tokens were sent to the dead wallet.

Advertisement
coingape google news coingape google news
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.