Ethereum Whale Buys 4 Trillion Shiba Inu Worth $139M

An Ethereum ETH/USD whale wallet added $139 million worth of Shiba Inu SHIB/USD to his/her portfolio on Monday.

What Happened: According to an update from on-chain wallet monitor WhaleAlerts, the whale added 4 trillion SHIB tokens worth $139,066,128 at the time of writing.

The wallet address has a total of 76 ERC-20 tokens with a cumulative value of $262 million. SHIB is the whale’s largest holding, however, making up 27% of his/her total portfolio value.

The whale also holds $82 million worth of Decentraland MANA/USD which is his/her second-largest holding.

According to WhaleStats, SHIB is the most traded and most held token among the 1000 richest Ethereum wallets.

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The price of SHIB is up by 11.41% over the last 24 hours. The meme-based cryptocurrency was trading at $0.00003273 as of Tuesday morning.

Meanwhile, its rival Dogecoin DOGE/USD was up by 4.90% over the same period, trading at a price of $0.17.

Some reports estimate that SHIB and DOGE together accounted for 85% of activity in the “meme-coin” economy over the course of 2021.

However, both the Shiba Inu-themed assets are now trading well below their peak prices earlier this year and have fallen out of the top 10 cryptocurrencies by market cap.

As of Tuesday, DOGE had a market cap of $22 billion and ranked 12 while SHIB had a market cap of $17 billion, ranked 13.

Related Link: Bitcoin, Ethereum, Dogecoin Fail To Break Out And The Next Few Weeks Could Be 'Very Choppy'

Photo by Abigail Lynn on Unsplash