Ethereum Whales spend $88 million on Shiba Inu tokens

Shiba Inu has always been popular among Ethereum whales. It is clear from their purchase history that these whales with large ETH holdings are betting big on the meme coin's success.

Ethereum Whales can't get enough of Shiba Inu tokens.
Shiba Inu whales | Image: Optimisus

They have been some of the biggest pushers of the digital asset at various points in the past, leading it through its rally and holding on even during its downtrend. This is still the case.

In recent months, these Ethereum whales have increased their holdings. This comes on the heels of the recent market crash, which saw cryptocurrencies like Shiba Inu plummet to less than 70% of their all-time high value.

Despite this, ETH whales remain optimistic about the meme coins, having purchased Shiba Inu in large quantities, presumably in anticipation of the altcoin's recovery.

Ethereum Whales Increase Their Bet on Shiba Inu

Shiba Inu has undoubtedly grown in popularity since its introduction to the market last year. Even at its current depreciated value, those who bought before the price increase are still in the black.

Others see the downtrend as a unique opportunity to increase their holdings in the meme coin in anticipation of the next bull rally. This has been taken a step further by Ethereum whales.

According to WhaleStats data, Ethereum whales are still largely bullish on Shiba Inu.

This is evidenced by their recent purchase history, which shows that these investors do not believe the reign of dog-themed coins has ended.

They have collectively purchased trillions of Shiba Inu, firmly establishing the coin's status as a whale favorite.

A single address has been linked to a nearly $40 million Shiba Inu purchase. This address, along with another whale wallet that purchased more than $34 million in SHIB, accounted for the majority of the accumulation.

Nonetheless, other Ethereum whales have piled in, purchasing SHIB worth between $1 and $12 million. These whales have some of the largest Shiba Inu holdings, and their buying pattern indicates bullish sentiment among the big hitters.