Whales keep buying big amounts of Shiba Inu, hoping to make a fortune on SHIB after Shibarum is launched

Just 11 hours ago, the anonymous whale “BlueWhale0073,” ranked 254th by the aforementioned platform, bought a little under 201 billion Shiba Inu (SHIB), according to WhaleStats. This occurred when SHIB had been experiencing a weekly decline of 10%, and the primary developer of Shiba Inu recently declared that he would only be concentrating on Shibarium.

A total of 200,899,251,805 Shiba Inu tokens were bought, according to WhaleStats. According to the SHIB/USD currency rate at the purchase, the whale that bought them paid $2,240,026.

Strangely, it appears that this purchase was made just for speculation because, as of the time of publication, the whale’s wallet only has a very small amount of Shiba Inu tokens. SHIB is represented as 35.62% of the portfolio in the circular diagram on the wallet’s page, and SHIB is also visible in the diagram of outgoing tokens. Overall, this illustration shows 29.62% Shiba Inu.

The questioned cryptocurrency doesn’t seem to be going to any recognized crypto exchange addresses, where it might be sold on the open market. The massive move has wholly depleted the Ethereum whale’s SHIB holdings, leaving the whale with only the most significant stake in ETH itself.

An astounding 4,423 ETH worth $6,923,259 is currently held by the whale. Its next-largest position is $1,228,848 in the stablecoin USD Coin (USDC), followed by $3,003,031 in the stablecoin Tether (USDT).  The whale then has 90,543 Uniswap (UNI) valued at $575,854 and 4,755 AAVE valued at $359,538, respectively. Without including ETH and stablecoins, Shiba Inu remains the greatest holding among the 500 most giant Ethereum whales.

According to a SHIB/USDT chart on Binance, the second-largest meme token has dropped 10.72% since March 1. Shiba Inu performed a 7% loss in just one hour on March 3 of last week, printing a huge red candle. At the time of writing, SHIB is changing hands at $0.00001069.


SHIB/USD 4-hour chart | Source: TradingView

Shytoshi Kusama, the principal developer of Shiba Inu and Shibarium and a well-known figure in the crypto sphere, has declared his intention to quit supporting any projects related to Shibarium.

He cited the Layer 2 solution’s increased use in promoting these initiatives as the explanation. Shytoshi is still concentrating on the Shibarium beta release. In addition, he mentioned that using the freshly released intake form, thousands of new entries have been made to the Shibarium developers. They are “amazing” in large numbers.

He also reminded the SHIB community that ShibaSwap would be the only authorized decentralized exchange once Shibarium began. Some DEXes intend to construct infrastructure as Layer 2 beta version release preparations continue.

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