Shiba Inu Whale Buys 442B SHIB Tokens Worth $11M

An Ethereum ETH/USD whale purchased 442.6 billion Shiba Inu SHIB/USD tokens in a single transfer worth  $11.9 million.

What Happened: On Wednesday, wallet address tracker WhaleStats picked up a large transaction on the blockchain.

A wallet address acquired 442,637,867,858 SHIB tokens worth $11,969,061 at the time. The buyer paid a transaction fee of just $7 for the on-chain transfer.

In the last 24 hours, SHIB rose to the top of the list of assets held by the 100 richest ETH whales.

The whales increased their SHIB balance by an average of 2,216 billion — representing a 259% increase in the last day. The average value held by the top 100 whales was around $56 million.

SHIB is trading at $0.00002572, down 3.8% in the last 24 hours. The Dogecoin DOGE/USD rival boasted a 20% recovery over the past week, after facing a massive drawdown along with the broader crypto markets in February.

Data from IntoTheBlock shows that large SHIB transactions, defined as transactions with a value of $100,000 or higher, exceeded $2.77 billion in the last week.

At current prices, 40% of SHIB holders are still up on their initial investment.

A summary of on-chain signals finds a “mostly bearish” outlook for SHIB.

Photo by Quantitatives on Unsplash