Binance Coin Whale Swallows Billions Of This Altcoin! Here’s Why

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Especially for the Shiba Inu (SHIB), the tendency of whales to make big leaps continues. The second largest Binance Coin (BNB) wallet has purchased around 100 billion SHIB, according to WhaleStats data. Whale paid $3,799,999 for the tokens. Here are the reasons for the purchase…

Binance Coin whale collects Shiba from bottom price

The whale involved currently holds approximately $585,016.44 worth of BNB and 84 other ERC-20 tokens on the BSC network worth approximately $499 million. The purchase comes at a time when the price of the Shiba Inu is on the decline. According to data from CoinMarketCap, SHIB is down about 35.5% in 30 days. However, the dog-themed coin is trying to start an uptrend on the day.

Binance Coin whales gather around SHIB

Despite the struggle in the market, SHIB is currently the ninth most bought and sold token among the top 1000 BSC wallets. Ethereum whale wallets dominate 8.74% of the total supply, with close to $2 billion in SHIB. An Ethereum whale wallet called ‘Gimli’, which we refer to as Somanews, has become one of the investors of the SHIB accumulation spree. Just last week, the wallet added over $1.1 million to 28 billion SHIB to bring the total amount to 1.2 trillion SHIB.

There are those who object to meme coins

Some professionals object to the growing popularity of “prank crypto”. Jordan Belfast, nicknamed “The real Wolf of Wall Street,” says cryptocurrencies like Dogecoin and Shiba are completely fraudulent, as he stole thousands of dollars in fraudulent stock sales. The former Wall Street trader even adds that its founders should be imprisoned.

Another fear was that the majority of SHIB tokens are now in the hands of whale investors. According to data from CMC, this is evident as only 100 wallet addresses hold about 89.33% of the circulating SHIB supply. It has been noted that this is a flaw as it leaves the token market vulnerable to market manipulation.