During the current wave of declines, Shiba Inu is gaining in the eyes of investors. Data from analytics platforms shows that SHIB is the most hoarded coin by ETH whales.
Changes at the top
Shiba Inu has stormed into first place in terms of the value of the dollar-denominated holdings of ETH whales. As a result, the previous leader, FTX Token, was pushed to the second place of the classification.
Shiba Inu, despite its 17th place among coins with the highest market capitalization, has been perceived by many investors and speculators as a real investment opportunity over the last 2-3 days. Thus, it was among the 10 most purchased coins during the current downturn.
A mysterious whale and a great deal
The positive sentiment towards SHIB is confirmed by the behavior of one of the whales. The mysterious figure made a purchase of exactly 662,345,021,738 (662B) SHIB, with a total value of $5,283,139 ($5.28 million). This took place in six separate transactions, recorded earlier in the week.
The whale’s activity increased significantly when, along with Bitcoin, the entire market began the process of selling off. These purchases were made when SHIB fell below a critical support point, located at $0.0000095.
According to data collected by the Etherscan.io platform, the whale is currently holding 3,970,376,288,002 (3.97 trillion) SHIB, worth $32,080,640 (32.08 million USD).
Another wallet, known as “BlueWhale0073,” added 356,078,908,730 (356.07 million) SHIB tokens to its holdings on Monday, June 13, valued at $3,001,745 ($3.00 million). The entire operation took place in just one transaction.
Whale behavior, and the impact on the SHIB price
Despite the gigantic purchases made by ETH whales, Shiba Inu remains under selling pressure. On Monday, June 13, the popular dog coin reached its local bottom at $0.00000746. Currently, the whale’s behavior does not seem to have an impact on its valuation. It has, however, the situation on the Bitcoin chart. If you want to learn more about what awaits the leading cryptocurrency in the near future, be sure to take a look at the article titled: “Bitcoin breaks the 200-week moving average and touches the 2017 ATH level. Where is the valuation bottom located?”.