Close to 87 billion Shiba Inu (SHIB) have landed in the wallet of the major Ethereum whale

According to WhaleStats, a large amount of Shiba Inu (SHIB) was added by a large ETH investor. Although this whale bought nearly 90 billion tokens, Shiba Inu’s holdings in the top 100 ETH investors are declining.

Whale buys 87 billion Shiba Inu (SHIB), while Shiba balance of top investors shrinks

The owner of a wallet named “BlueWhale0073” purchased 86,740.251,500 Shiba Inu (SHIB). This SHIB amount cost him $1,015,728. However, this whale uses SHIB as a purely speculative asset as he always sells the tokens Shiba acquired after buying them. SHIB and other small-cap tokens currently make up only 0.2% of this investor’s portfolio.

Whales bought the SHIB on a drop of $0.00001136 and sold it on a short rise to a high of $0.0000119. Now, it has gone down again. These small fluctuations can give whales a decent profit on large SHIB volumes.

At the time of writing, the “BlueWhale0073” wallet contains mainly USDT (62.74% of the portfolio), USDC (19.9%), and LINK (14.09%).

close-to-87-billion-shiba-inu-shib-have-landed-in-the-wallet-of-the-major-ethereum-whale

Over the past 24 hours, the amount of Shiba Inu held by major wallets on the Ethereum chain has steadily decreased. On May 24, the whales’ crypto holdings chart shows they hold Shiba worth $833,034,530. Now, this has dropped to $544,104,532 in Shiba equivalents. This is currently 11.34% of their inclusive crypto portfolio instead of 15.86% yesterday.

Price prints important signals near key support

SHIB seems to have found support around the $0.000011 area, holding above this key level for the past 11 days as of May 14. The current consolidation structure on the daily chart resembles its price action at the end of January 2022; then, its price went up. rallied nearly 100% to a high of $0.000035 on Feb. 7.

While the Shiba Inu continues to lean on newfound support at around $0.000011, Shiba Inu might spend some more time inside the range between $0.0000104 and $ if the price turns down from current levels of 0.000014. The next important move could begin after the price breaks above or below the range.

If buyers push the price above $0.000014, the Shiba Inu might attempt to rally to $0.0000196, acting as a stiff barrier. Alternatively, if the price turns down and breaks below $0.000010, the pair can retest the $0.000008 support reached on May 12. Shiba Inu enthusiasts continue to watch $0.001 as a viable price target, hoping Shiba Inu can hit an impressive rally, as it did in 2021 when it rallied millions of percent.

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