Shiba Inu (SHIB) jumps 10% as whale buys 4 trillion coins
By Robert Davis
21:56, 22 December 2021
The price of popular meme token Shiba Inu jumped by more than 10% on Wednesday after several whales, a colloquial term for investors with large holdings, added to their stash.
One wallet added more than 4 trillion tokens valued at more than $136m (£94.37m), according to data from WhaleStats, which tracks over 1,000 Ethereum wallets.
The buy sent the price up from a weekly low of $0.000028 on Monday up to $0.00003601 by 21:00 UTC.
Over the past week, the asset has gained more than 6.5% in value while larger cryptocurrency assets like Bitcoin and Ethereum have been flat.
About the Whale wallet
According to WhaleStats, the wallet that made the large SHIB purchase also owns decentralised assets such as Decentraland and a sizeable amount of Tether stablecoins.
While the wallet owner’s identity is unknown, it now holds more than $159m of SHIB compared to $89.8m of Decentraland and $42.3m of Tether.
The wallet also has more than $20m of other assets like OmiseGo, Matic Token, and Ether.
Despite being valued at less than a penny, SHIB is currently the 13th-largest cryptocurrency by market capitalisation, according to data from CoinMarketCap.
However, the asset has been on a precipitous decline since reaching its all-time high of $.00008 on 26 October, which gives investors an opportunity to buy the dip.
Over the last 24 hours, more than $2.27bn worth of SHIB has exchanged hands, according to CoinMarketCap.
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