Ethereum Whale Swallows up Over 600 Billion SHIB ($12.1M) Amid Sell-off

Ethereum whales have continued loading up large amounts of the memecoin, Shiba Inu, with one whale splurging over $12 million in a recent SHIB purchase.

According to data from the crypto whale tracker, WhaleStats, the Ethereum whale has just loaded up on a total of 606,352,106,247 Shiba Inu tokens worth a whopping $12,135,105 at the time of purchase.

Despite falling to lows of $0.000017 on Saturday amid the massive crypto market sell-off, SHIB’s price has slightly rebounded and is currently sitting at $0.00002 per unit of the coin.

With a market cap of $11.2 billion, Shiba Inu is currently the 14th largest cryptocurrency in the market, overtaking Polygon which has a market cap of $10.7 billion. 

Whales go on SHIB Accumulation Spree

Over the past few weeks, whales have continued to accumulate more SHIB despite rising volatility in the market. 

According to WhaleStats, SHIB is currently one of the “most traded and biggest hodling tokens among the top 1,000 ETH wallets.”

Earlier in December 2021, a single whale purchased $4 trillion SHIB tokens worth over $134 million at the time. The mega purchase had a huge impact on the digital asset’s price, prompting a 10% increase within 24 hours.

Shiba Inu has recently witnessed an explosive growth in the total number of SHIB holders, as the crypto project records over 1.1 million holders. 

Institutional Interest in Shiba Inu Surges

Shiba Inu has also been experiencing an influx of large institutional investors in its ecosystem, with several top companies indicating interest in adding it as a payment option.

Last year, the world’s largest movie theater chain, AMC Entertainment, revealed that it was considering adding SHIB to its list of cryptocurrencies accepted for payment.

Electric car manufacturer, Tesla, also hinted at adding support for SHIB payments for its products.

With Shiba Inu planning to launch its blockchain and decentralized autonomous organization (DAO) soon, analysts are convinced that it will move away from the memecoin narrative and attract even more institutional investors.

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