Meme coins have long been popular among Ethereum whales. Even throughout downtrends, these whales have maintained their passion for these meme currencies and have not strayed from it. In the similar line, one Ethereum whale has been stockpiling SHIB, while other whales have grown their involvement with the coin.
Ethereum whales just went on a Shiba Inu shopping frenzy. The whale had acquired enough meme coins for the WhaleAlert bot to detect the transaction.
According to the report, the Ethereum whale purchased more than $1 million in SHIB. The whale had collected more than 49.6 billion SHIB tokens in total, which amounted to a total cash worth of $1,094,317 at the time of purchase.
This purchase is important given that the meme coin has been in a steady decline since reaching an all-time high last year. However, that is not unusual for Ethereum whales, who have traditionally preferred to fill their bags when the market was down.
When it comes to Shiba Inu, the whale stated above is not the only interesting thing that the top Ethereum whales have been doing. They have also increased their purchases and holdings of the digital asset.
SHIB, which had been dethroned as the most valuable token held by Ethereum whales, has swiftly reclaimed its position. Ethereum whales upped their trading activity in the meme currency in the previous 24 hours, leaving the digital asset as the largest token by dollar value among ETH whales. These whales currently possess about 575 billion tokens worth more than $16 million in SHIB.
The heightened activity of the whales might indicate some good movement in the asset in the near future. When large wallets embark on a cryptocurrency buying spree, they often remove a considerable proportion of the coins out of circulation, causing the value to climb through generating scarcity.
That might be the situation in this scenario. When combined with the faster rate at which the community continues to consume SHIB, the shrinking supply may cause its price to rise quickly. However, given the overall bearishness of the crypto market, the current accumulating trend may have little influence on the price.
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