According to blockchain data, a big Ethereum ($ETH) whale with over $500 million in total assets has amassed over 18.8 trillion Shiba Inu ($SHIB) tokens since purchasing the meme-inspired cryptocurrency in July 2022.
The whale has been amassing $SHIB since the cryptocurrency’s price dropped from around $0.000027 in April 2022 to around $0.011, according to statistics from blockchain wallet management platform Zerion.
So far, the whale has amassed approximately 18.8 trillion tokens worth around $226 million, giving it the highest token holding. Its average $SHIB cost is $0.000015, implying that it is losing around $68.9 million on its stake.
The whale’s second-largest holding is in Ethereum’s native $ETH coin, which it owns for approximately $195 million. Following that, the whale has $42 million in Polygon ($MATIC) and roughly $13 million in Chainlink ($LINK). According to data, it began accumulating $MATIC in June and $LINK in August. At the time of writing, the whale might sell both of these positions for a profit.
The whale also owns $8 million in Compound ($COMP), the money market protocol’s governance token, which it began purchasing in July after its price fell, and $5.3 million in Uniswap ($UNI). It is also profiting from both of these interests.
According to Daily Hodl, blockchain data shows that the whale’s accumulation has propelled it to the sixth-largest Shiba Inu ($SHIB) holder, controlling approximately 1.88% of the meme-inspired cryptocurrency’s entire circulating supply.
Shiba Inu, as previously reported, has topped the “trending” charts on key crypto aggregator websites following its listing on one of South Korea’s leading crypto trading platforms by volume.
Upbit, a Seoul-based exchange that has greater trading volumes than any other exchange in the country after Binance, recently announced the listing of a $SHIB pair trading against the South Korean Won (KRW).
The Ethereum ($ETH) network’s largest whales have amassed approximately $85 million in $SHIB ahead of the launch of its layer-2 scaling solution, and at a time when the meme-inspired cryptocurrency partnered with the North American luxury brand Bugatti Group involved the minting of non-fungible tokens (NFTs) in a “special event” in which the Bugatti Group hosted a “mint party and space” dedicated to Shiboshis.
The unique mint collection “went out in the first 4 minutes” of the event, according to an account linked with the meme-inspired cryptocurrency, as demand for the tokens considerably outweighed supply.
