Shiba Inu Whales Scoop In More Than $8 Billion Worth Of SHIB Tokens

Shiba Inu (SHIB), the second-largest dog-themed coin, continues to see patronage from whale investors. Data from Etherscan shows that over 8.5 billion SHIB tokens were moved in just two transactions within a short period today. 

Whales continue betting on SHIB

Per the data, one transaction was a transfer of around 4.3 billion SHIB by a wallet named MEV.bot to an unknown wallet. The second transaction was 4.2 million SHIB moved between two unnamed wallets. Both transactions were worth around $208,165 at the time.

Another notable transaction during the day was the transfer of around 2.4 billion SHIB to a Binance wallet. The transactions are a continuation of an established trend among ETH whales.

Since last year when the token came to prominence, SHIB has been among the top ten holdings of the 1000 largest Ether wallets according to data on WhaleStats, a tool that tracks the metric. As of today, SHIB is the second-largest holding in the category of investors. Their total holdings amount to over $1.5 billion worth of SHIB.

SHIB is only surpassed by the native token of the crypto exchange FTX, the eponymously named FTX token. However, it is not uncommon for SHIB to flip FTX token as it has often done in the past, even as recently as earlier this month.

Meanwhile, Whalestats’ data also shows that the Shiba Inu smart contract is the most used Ethereum smart contract among the top 500 ETH whales in the last 24 hours.

Shiba Inu ecosystem development driving speculation

The massive on-chain SHIB activity could be pointing to bullish sentiments around all the exciting developments happening in the SHIB ecosystem. At the tail end of March, the developers of the memecoin unveiled new details of a metaverse project under development.

Named “SHIB: The Metaverse,” the colorful virtual world will have over 100k land plots divided into four districts that will all have unique properties. All the Shiba Inu ecosystem tokens including SHIB, BONE, and LEASH will also play key roles in the metaverse.

Equally exciting was the announcement of a “partnerSHIB” with payments services provider NOWPayments, as well as work being done on an integrated token burning mechanism.

However, SHIB has continued to trade sluggishly in the market. The joke coin is currently trading at $0.0000247, up 0.19% in the last 24 hours. In the last week, it is down 6.34%.