Major ETH Whale “Gimli” Buys 442.6 Billion SHIB, Totaling 1 Trillion SHIB

Major ETH Whale "Gimli" Buys 442.6 Billion SHIB, Totaling 1 Trillion SHIB

Whale activity on Shiba Inu is becoming unsurprising every day. It is probably the token with the highest number of whale purchases in the last few months. Keeping this trend alive, another Ethereum whale stashes a large pile of SHIB into his wallet through a recent purchase. This new purchase is also the largest single order of Shiba Inu since early February. Opinions from the market claim that the positive weekly outlook of Shiba Inu could have propelled this large whale purchase of Shiba Inu.

Shiba Inu is the meme-coin launched in 2021 following a trend that originated with Dogecoin. The coin has even surpassed Bitcoin in terms of popularity in 2021. While the project is constantly dropping new projects to establish a value-based market, its high volatility has always been received well by short term investors. According to the predictions, getting rid of as few as a couple of zeroes could bring a thousandfold profit for SHIB investors. The coin returned a 45,000% profit just after a few months since the launch. The current large scale investments in SHIB expect the coin to make a similar move before the year-end. It resulted in an Ethereum whale buying SHIB tokens worth more than $11 million.

Although the one-day movement of Shiba Inu has not been very effective in the market, with the coin edging down 4.11%, the weekly statistics for the token looks healthy enough for a bullish trend with a 20% positivity. One curious thing about meme-coins like Shiba Inu is that the investors are constantly looking for signs of a bullish trend through the changes in whale activities. So we could be positive that this large purchase could give a potential push to the coin in the market. Follow this link to a well-investigated SHIB price prediction to know more about how large purchases by whales could change the token’s price in the coming days.

The whale that bought 442 billion SHIB tokens is pseudonymously known as dwarf Gimli and ranked 5th in the list of top 1000 Ethereum whales. This new purchase brings his total Siba Holdings past 1 trillion. His 1 trillion SHIB holding is valued at approximately $38 million. However, Ethereum still remains Gimli’s primary holding, and the remainder comprises metaverse tokens like TESLA, Windows, TokTok, McDonald’s, Twitter DAO and Walmart.

Earlier in February, WhaleStats reported the single largest whale purchase of SHIB. This purchased 3.4 trillion SHIB tokens, valued at nearly $116 million at that time. After this news purchase, the percentage of total SHIB holdings in Ethereum wallets rose to 17.42%. It is equal to more than $1.5 billion in fiat money, making it the second-largest holding by U.S dollar value. FTT still remains ahead of SHIB in this criteria.

Frank Weeks

Frank Weeks joined FxNews.Media as a junior editor. He covers the latest updates on the ongoing forex market & signals, trading platforms, prices & charts, and much more.

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