Crypto whales have taken a keen interest in the Dogecoin competitor, and have gambled big on SHIB since its release.
SHIB token has skyrocketed with recent activity
Photo Credit: Unsplash/Petr Magera
An anonymous buyer decided to go on a SHIB coin shopping spree over two days buying close to an enormous 6.3 trillion coins. The whale began his spree on October 1 when he went ahead and bought a mammoth 6 trillion SHIB coins worth around $43,838,900 (around Rs. 3,27,81,19,505). The whale then went ahead and bought another 116 billion coins the next day, followed by two more transactions of 159 billion coins and another 1 billion coins, the last three transactions happening in a span of a few hours.
The total amount of SHIB coins purchased by the whale on Saturday, October 2 on its own summed up to 276 billion. Such high volumes saw SHIB coin price rise by 5 percent after which it settled down around 3 percent.
But this is hardly the first time a whale has changed fortunes for the memecoin. Launched in August 2020, Shiba Inu was introduced to leverage the popularity of Dogecoin, which had countless investors rushing into the cryptocurrency space.
Unlike rivals Dogecoin though, Shiba Inu levelled up immediately.
Investors seemed highly interested in Shiba Inu as the total value locked (TVL) rocketed to values close to $2 billion in June and July. According to DeFiLlama, the TVL has since declined to under $300 million.
But that hasn't discouraged mysterious SHIB whales from buying massive portions of the asset.
In fact, such interest from whales has only strengthened Shiba Inu's position in the market over the past few months. SHIB was released on eToro - a global social trading platform based out of Israel - in late June and since then, the memecoin has witnessed listings on CoinBase Pro and WeBull at the start of August, all spurred on by whales buying billions of coins. September was similar, resulting in SHIB making it to Binance's portfolio too.
The memecoin which sees itself as 'Doge-killer' has quite a following on social media too, with close to a million followers on Twitter. Fans now believe that a launch on RobinHood could be imminent.
Get your daily dose of tech news, reviews, and insights, in under 80 characters on Gadgets 360 Turbo. Connect with fellow tech lovers on our Forum. Follow us on X, Facebook, WhatsApp, Threads and Google News for instant updates. Catch all the action on our YouTube channel.