Whales Doubled SHIB Purchases! Will the Shiba Inu Explode?

In the midst of the ongoing crypto winter, Ethereum whales are not feeling so cold. Major investors continue to double down on the Shiba Inu (SHIB).

SHIB becomes most recognizable token amid Ethereum whales

According to the latest data from WhaleStats, the top 5,000 ETH whales currently hold SHIB for a total of $139,721,341. On the other hand, the 100 largest ETH whales are holding SHIB at the cost of $138,166,023.

Despite the impressive cost, these whales have significantly reduced the size of their SHIB over the past 30 days. For example, on August 22, the largest 5000ETH whales had SHIB at a cost of 159,673,102. Now, the top 100 ETH whales hold SHIB worth $151,728,733 as of August 30. This drop came after the token’s price fell more than 31% after a relief. The price started rallying when it broke above the $0.000013 spiritual zone at that time.

SHIB is currently the most undervalued amid its competitors

Compared to other cryptos such as Solana, Cardano, Ethereum and Bitcoin besides Dogecoin, SHIB is still the biggest loser with a drop of around 87% since the ATH level. However, along with an attractive ecosystem growth, the price cut is reinvigorating ETH whales who are starting to buy the chest token again.

This week, ETH whale activity revolving around SHIB has seen an uptick with the BAT token passing on Wednesday. That same day, the website tracked an ETH whale named “Gallion” that bought around 270,772,472,924 SHIB.

In addition, the number of SHIB holders is increasing at an impressive rate. According to CryptoEye data, Shiba Inu earned 105,374 new HODs last month. Thus, the total number reached 2,185,362. Technically, the SHIB chart looks bleak. However, continued buying by whales provides the impetus for $0.000013. A break above this area will prepare SHIB for a true mega bull rally to $0.000034

Shiba Inu is a chest token that started out as a chest and has now evolved into a huge ecosystem. Cryptocurrency ranks 14th among the largest cryptocurrencies by market cap. It is the fourth largest cryptocurrency held by ETH whales behind ETH, stETH and stablecoins.

Shiba Inu price analysis

Koindeks.com As you follow, Former US politician David Gokhshtein has recently made quite a positive outlook for SHIB. However, the price is moving sideways with the market, trading at $0.00001103. It has to be said that it has performed better than other cryptocurrencies since last week.

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