ETH Whales Buy Over 393 Billion Shiba Inu (SHIB) Amid Price Dip

The biggest Ethereum (ETH) wallets appear to be grabbing a buy the dip opportunity. This time, the whales have gone for popular meme cryptocurrencies Shiba Inu (SHIB).

ETH whales have accumulated over 393 Billion SHIB tokens in the past 24 hours. While this move has not been reflected in SHIB’s price, its 24 hour trading volume has surged by over 20%.

SHIB is currently down 14% over the past seven days at $0.00002283, tracking broader losses in the crypto market as investors feared rising inflation and a hawkish Federal Reserve.

ETH whale “Light” grabs 331 billion SHIB tokens

According to WhaleStats, the two Ethereum whales got united in a mission to seize to grab billions of SHIBs. A whale named “Light” has bought around $7.56 million worth of 331.9 Billion of Shiba Inu tokens. Another whale named “BomBur” has also added $1.39 million worth  of SHIB, or 61.3 billion tokens.

This accumulation has helped Shiba Inu to enter the list of top 10 tokens purchased by the biggest 100 ETH wallets in the last 24 hours. The coin stands at the 7th spot. Meanwhile, the meme coin has also landed on the tally of top tokens bought by the Ethereum whales in the last 7 days. However, the list of top 10 tokens sold in the last 24 hours and 7 days doesn’t carry the SHIBs name.

However, the data portray that whales’ top preferences are stable coins in this kind of market situation. Seems like whale wallets are getting ready to buy more dips.

“Light” hodls over $763m worth of SHIB tokens

Data shows that Light holds over $763 million worth of Shiba Inu tokens. This might be one of the biggest holdings among any SHIB holders. Recently, Shibu Inu replaced the FTX token to become the largest token held by the top 100 ETH whales by dollar value. The top Ethereum wallets hold more than $1.19 Billion worth of SHIB tokens.

The Shiba Inu prices have followed the decline in the Bitcoin’ (BTC) price. But while the token has fallen, its 24 hour trading volume of $774 million has registered jumped 20%. ETH whale’s list of top 10 used smart contracts holds the Shiba Inu’s name. According to CoinsMarketCap, the SHIB is still the second largest meme cryptocurrency with a total market capitalization of over $12.5 Billion.