Shiba Inu Buying Spree! This ETH Whale is the Recent Culprit

Why Shiba Inu is the most popular cryptocurrency among Ethereum whales? Let's find out

Investors who own large quantities of a cryptocurrency are known as crypto whales. It's not surprising that there are plenty of Ethereum whales since Ethereum is the second-largest cryptocurrency based on market cap. What might be surprising, though, is that Ethereum whales are buying another cryptocurrency. Several of the top 1,000 holders of Ethereum have been scooping up Shiba Inu, according to the whale-tracking website WhaleStats.

According to Whale Stats, Two ETH whale wallets bought more than 533 billion Shiba Inu tokens in July. This cumulative purchase amounted to be for US$5.6 million. This move helped the SHIB token to land in the top 10 purchases of the biggest 100 ETH whales over the past months. ETH whale wallet named "Gimli" single-handedly added 386 billion Shiba Inu in two transactions. The purchase cost the whale around US$4.06 million. However, the whale purchased around 200 billion SHIB tokens (worth approx US$2.075 million) in the single biggest transactions.

As per the data, another ETH whale named "BlueWhale0159" scooped 147 billion (worth approx US$1.55 million) in a single transaction. As we dig in, the data depicts that Shiba Inu is still the largest token held by the top 100 ETH whales by the dollar value. The biggest of the whales hold around US$540 million worth of SHIB tokens. This makes up around 21.23% of their total holdings. However, Decentraland (MANA) is the most widely held token by the whales. The whale tracker reported that the Top 2000 ETH whales own over US$633.9 million worth of Shiba Inu tokens.

The most recent reports of large buying among whales have come from the largest ETH whale by holdings, which has gone on a massive US$7 million buying spree. The number 1 Ethereum whale has been filling their bags with the meme coin recently. This whale had sold a massive stack of Shiba Inu tokens after buying but had sold less than a 10th of their purchase value. In a series of transactions, the Ethereum whale had bought a total of 536 billion SHIB tokens, which came out to a little over US$7 million at the time of the purchase. The purchases which took place across the Binance and Coinbase crypto exchanges were split across around 14 different transactions.

Does Ethereum drive the Growth of Shiba Inu?

Shiba Inu has grown a lot since last year, and its price significantly increased during its first year of existence. However, the crypto crash that happened in May affected this coin's price too. Some investors expect new currency growth in the following months, representing this as an opportunity to increase the value of the coins. They are supported by Ethereum whales which have taken this one step further.

If we look at the history, Ethereum whales remain primarily bullish on Shiba Inu, and they continue with it these days. Investors support these coins, not allowing these dog-themed coins to come to an end. Purchasing trillions of Shiba Inu in a short time, they have established their position as a whale favorite.

What Can be the Reason?

Ethereum whales could be bullish about Shiba Inu's metaverse opportunity. So far, Shiba Inu has missed out on the recent frenzied investing in gaming coins. Although the meme coin might be late to the party, gaming appears destined to be a critical part of its future.

Shiba Inu Games signed up longtime gaming developer William Volk to lead the charge in the development of a multiplayer game. It also brought an AAA studio (i.e., one that has developed multimillion-dollar games) on board for the effort — Playside Studios. Playside has over 50 games to its credit, including games for Disney, Nickelodeon, and Warner Bros.