Large Shiba Inu investor has extended his meme coin bet, adding another 92 billion SHIB

By Selena On Feb 28, 2023

Whales continue to purchase a significant number of Shiba Inu as the beta release of Shibarium appears to be getting closer. The on-chain wallet tracker WhaleStats recently tweeted about a large SHIB whale purchasing a sizeable portion of this well-known humor coin.

According to the aforementioned tracker, a whale named “BlueWhale0068,” ranked 193rd on the Ethereum chain, has acquired 91,956,507,830 Shiba Inu coins, paying $1,162,330 for that quantity of meme currency. The largest asset in this whale’s wallet, measured in U.S. dollars, is SHIB, valued at $14,144,675. This translates to a staggering 1,113,144,716,088 meme coins.

🐋 ETH whale “BlueWhale0068” just bought 91,956,507,830 $shib ($1,162,330 USD).

Ranked #193 on WhaleStats: https://t.co/3kLZPUdlYP

Transaction: https://t.co/Bcp870NBXL #SHIB #ShibArmy

— WhaleStats (tracking crypto whales) (@WhaleStats) February 27, 2023

Since the launch of the Layer 2 protocol, Shibarium continues to approach; this is not the only significant acquisition of SHIB that has been made recently. Last week, a significant whale purchased a staggering 384 billion SHIB in a matter of days. The total number of Shiba Inu in that wallet back then was 19,420,099,565,898.

In a brief blog post, the principal developer of Shiba Inu and Shibarium stated that the team had been inundated with requests from individuals and organizations to help advertise, fundraise for, or otherwise assist Shibarium. According to Kusama, most of these initiatives have been abandoned owing to financial constraints, excessive FUD, and other factors; the Shib Defense team has also abandoned several.

On the newly created website for Shibarium, a new intake form was made available for these projects. Kusama lavishly dispersed hazy hints on his Twitter page over the weekend, which many people mistook for ones regarding the soon-promised publication of Shibarium.

He then put one dot, two, and three dots to his Twitter bio. Some people think that in this context, a “dot” signifies the end of one undertaking and the beginning of another. About the beta release itself, Shytoshi Kusama stated in the aforementioned blog post that the team would make the Shibarium and beta documentation available as soon as possible and update the Wiki page devoted to the Layer 2 solution.

The senior developer informed his audience that all tokens and goods on the Shibarium beta network would only be used for testing. He cautioned users against falling for the tricks of con artists who will undoubtedly offer SHIB followers the chance to purchase merchandise before the network’s launch.

200 trillion tokens located at Shiba Inu’s support levels

Shiba Inu’s 200 trillion token concentration on two distinct support levels, according to IntoTheBlock, suggests that it may be more resilient than we realize. These levels, which can be found between $0.00001 and $0.000006, may represent a good purchasing opportunity for anyone seeking to buy coins.

Addresses are categorized based on whether they are making money, breaking even, or losing money on their positions at the current price using IntoTheBlock’s Global In/Out of the Money (GIOM) indicators. Based on the weighted average price at which it purchased or received the tokens currently held by the address, the platform determines the average cost of an address. It then classifies addresses and tokens by those categories to provide a global picture of a given crypto asset’s profitability.

For Shiba Inu to overcome the aforementioned resistance, much work remains. The concentration of tokens at these exact levels may indicate a compelling purchasing opportunity for investors looking to get in on the action. SHIB has come under fire for being useless, with some comparing it to a meme coin. Nonetheless, it is impossible to ignore the popularity and concentration of tokens at particular support levels.

At the time of writing, SHIB is changing hands at $0.00001243. More decentralized platforms are now giving high payouts on SHIB farming, which attracts some money to the meme currency but will likely lead to substantial pressure shortly. As a result, SHIB has recently experienced increased selling pressure. SHIB just moved above the 50-day moving average and has been rising since.

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