Why Are Ethereum (ETH) Whales Buying Shiba Inu (SHIB)? Here are 3 Reasons!

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Cryptocurrency market is experiencing one of its hardest drops. Although cryptocurrencies have risen a little today, we are still below record levels. These declines are seen as buying opportunities for some investors. Investors holding large amounts of cryptocurrencies are known as crypto whales. Since Ethereum is the second largest cryptocurrency by market cap, there are a lot of Ethereum whales in the market.

In addition, Ethereum whales appear to be buying another cryptocurrency, Shiba Inu (SHIB). According to WhaleStats, some of the top 1000 Ethereum holders are playing the top in buying Shiba Inu. Currently, the number of investors with SHIB in their wallet stands at 1,083,308. Among these more than 1 million investors, there are 100 ETH whales. This is due to 3 different reasons.

More Attractive Price

Ethereum whales are thought to have bought SHIB because it has a more attractive price. The Shiba Inu has dropped more than 70% in the last three months. However, Ethereum also declined. However, Ethereum’s drop of around 40% in the last three months is not as deep as the Shiba Inu’s.

In October, an Ethereum whale bought 277 billion SHIB coins.

Adoption Potential of SHIB

Macro investors think that the value of the cryptocurrency will increase significantly in the future. On the SHIB front, more adoption is expected in the future. In addition, the Shibarium layer-2 solution can enable the Shiba Inu to reach wider audiences. The exact launch date of Shibarium is not yet known.

Metaverse Deal

Ethereum whales think the Shiba Inu will also be bullish on the metaverse opportunity. Shiba Inu Games has hired William Volk to develop a multiplayer game. He is also starting projects with Playside Studios, an AAA studio. The Shiba Inu metaverse in development is referred to as Shiberse.

The Shiba Inu is getting a lot of attention from all investors, not just Ethereum whales. However, as the situation with prank coins is uncertain, investors need to be careful.