SHIB has been trending for over a week now. The Ethereum-based altcoin has been garnering attention from Ethereum’s top whales left and right – climbing up the ranks of the top 10 purchased ETH tokens, the most held ETH token, and the biggest token position by dollar value.
On April 25, ETH Whale “Bombur” bought 51,799,991,288 SHIB – almost 52 billion of the cryptocurrency token. “Bombur” spent $1,178,967 – almost $2 million on the SHIB purchase. The cryptocurrency whale is currently ranked #16 on WhaleStats.
A few hours before this purchase, SHIB was already on the top of the tokens that the top 2,000 ETH whales are hodling. The whales held over $1.3 billion worth of SHIB, while in second place was FTX. The FTX whales held a total value of more than $1.1 billion. In a very far third place is BEST (NYSE:BEST) which ETH whales held a total value of over $380 million.
All these trends spark good news for SHIB. The more tokens in circulation around the market, the more stable the price of the token will become. Additionally, it shows the dedication and confidence that the SHIB Army has towards the token. These funds could be used for the further projects that SHIB is planning, such as Shiba Inu Metaverse Lands.
Additionally, on the third week of April, the 5th largest ETH Whale “BlueWhale0073” bought a cumulative 420 billion SHIB worth $10 million collectively.
This was the first surge that caused SHIB to be on the list of Top 10 purchased ETH tokens at the time.
On the other hand, despite the huge amount of SHIB bought by whales, it barely makes a dent in the total supply. This is because SHIB has a circulating supply of a staggering 549 trillion, which makes the 500 billion a mere 0.09% of the current circulating supply.
Perhaps this could be the beginning of a huge surge from ETH Whales. Now, we’re seeing 500 billion worth of SHIB being bought in the span of a single week. Who knows how much more SHIB will be bought as a result of these Whales’ purchases?
At this rate, if the SHIB Army sees hundreds of billions of SHIB bought every week, that trillion barrier could be broken in no time.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.
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Source: Cryptocurrency - investing.com
