Ethereum Whales Bet on Shiba Inu After Buying 500 Billion $SHIB in 24 Hours

The largest whales on the Ethereum ($ETH) network have been betting on the meme-inspired cryptocurrency Shiba Inu ($SHIB) as over the last 24 hours large transactions have been made to acquire over 500 billion SHIB tokens amid an ongoing accumulation.

According to data from whale monitoring service WhaleStats, the Ethereum whales’ accumulation over the past 24 hours was largely led by a whale known as “Gimli” on the platform, which made two significant transactions purchasing a total of 386 billion SHIB for little over $4 million.

In one transaction, Gimli picked up 199 billion SHIB for $2.07 million, while the whale added 187 billion tokens for $1.99 million in a second transaction.

The Ethereum whale, according to Etherscan data, currently has over $127 million worth of cryptoassets in its wallet, with $73 million worth of those funds being held in Ethereum’s native token ETH.

Gimli’s second-largest holding is in the meme-inspired cryptocurrency Shiba Inu as the whale holds $16 billion worth of SHIB. Next, it holds $10 billion worth of Decentraland’s $MANA, and $3.9  million worth of Chainlink’s $LINK. Other holdings in the whale’s wallet include $ENJ, $USDC, $UNI, and $YFI.

After Gimli’s transactions, another Ethereum whale known as BlueWhale0159 picked up 147 billion SHIB for $1.55 million, bringing the total accumulation above 530 billion SHIB in one single day.

As CryptoGlobe reported, Shiba Inu has managed to maintain its position as the largest altcoin holding among the largest whales on the Ethereum network amid a cryptocurrency market downturn.

the largest Ethereum whales haven’t divested of their Shiba Inu holdings over the last few months, and keep SHIB as one of their largest holdings, behind Ethereum’s ether only.

At the time of writing, SHIB makes up 21.15% of the altcoins holdings of the 100 largest whales on the Ethereum network, above USDC, stETH, and other cryptocurrencies. SHIB flipped FTT, FTX’s native token, to become Ethereum whales’ largest altcoin holding back in May.

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Featured image via Pixabay

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