Altcoin Shiba Inu (SHIB), which started as a joke, is now rocking decentralized finance. From an unknown memcoin to the main competitor of Dogecoin, SHIB has come a long way. Many cryptocurrencies, including large investors in Ethereum (ETH) and Dogecoin (DOGE), attract huge amounts of SHIB. While the cryptocurrency market is recovering, shiba inu is doing relatively well.
Whales have a big impact on altcoin price growth
Since its debut in 2020, Shiba Inu has been in the spotlight because it has proven itself well in the market. For a short time, altcoin SHIB was ahead of DOGE and even got into the top 10 list of cryptocurrencies. When SHIB reached a historic high in November last year, many investors made a good profit from it. However, crypto-whales play a big role in raising the price of memcoin. Recently, the interest of whales in SHIB has increased even more. Ethereum whales are constantly increasing their investments in SHIB in order to get a decent profit when the cryptocurrency reaches new highs. On the other hand, the shiba Inu community continues to increase the number of events in order to increase the value of memcoin.
The price of shiba inu has been rising for the last few days. Although the altcoin is down more than 67 percent from its all-time high, the recent 25 percent jump in price seems to have overshadowed the scene. Due to the rising cost of SHIB, many existing shiba inu whales are increasing their investments. Etherscan, a platform that tracks transactions of large investors, announced that over the past few weeks, cryptokits have purchased 200,588,182,473 SHIB tokens.
Invasion of Shiba Inu by Ethereum Whales
This is not the first major investment when whales have collected a large number of SHIB altcoins. As Somanews previously reported, in early April, the same whale made a much larger purchase of SHIB worth more than 3.7 trillion tokens. Although the reason is unclear, recently many investors have been buying SHIBS only to burn them. Ethereum whales have been interested in investing in shiba inu for a long time. Last December, the Ethereum whale bought 4 trillion SHIB tokens in a single transaction worth $134 million. According to WhaleStats, which closely tracks the 1000 richest Ethereum whales, Shiba Inu is “the best-selling and largest token among the 1000 best ETH wallets.” Even against the background of Russian-Ukrainian tensions, it was noticed that crypto-whales are transferring their funds to SHIB. WhaleStats reported that at that time, two large Ethereum whales purchased 105.7 billion SHIB tokens.
On the other hand, the expansion of the SHIB altcoin partnership with crypto exchanges and the expected launch of Shibarium give the token an advantage. Shibarium is expected to solve many of the main problems of the existing network, such as lower gas charges. Shiba Inu also recently announced her Metaverse debut.