Altcoins

Crypto Market Tumbles,Top ETH Whales Buying Shiba Inu For Quick Profit With These 2 Altcoins

Written by: Nidhi Kolhapur

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Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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Apr 23, 2022

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The global Crypto market downtrend continues with Bitcoin price plunging below $40k & ETH Price dropping below $3K. Major altcoins too suffered doubled digit loss with only Apecoin ($APE) trading in green.

For more than 3 months, Shiba Inu price has been on a consolidation rally and is sitting inside a massively bullish, bottom reversal pattern.

Thus whales are keeping a close eye on this altcoin as SHIB Price could explore any time and trigger a massive rally.

SHIB whale Accumulation Increases

Even though few analytical report show that Shiba Inu investors are underwater, Still World’s Largest Ethereum Whale are stacking SHIB Tokens.

As per WhaleStats’s recent tweet, SHIB token has surpassed Polygon (MATIC), an ETH layer-2 scaling solution as the top traded crypto asset among the top 500 Ethereum wallets. These top 5,000 Ethereum wallets collectively hold $1.46 billion worth of Shiba Inu tokens.

As per Analytical platform Intotheblock reports , 52% of SHIB owners are currently holding the token at a price below what they initially paid in light of the recent market-wide crypto sell-off.

HODL or Sell ? What SHIB whales Are upto?

Since April, Top ETH whale, BlueWhale0073 , has already acquired over 1.2 trillion SHIB tokens. Additionally, another ETH whale “Bombur” grabbed a 50,296,290,794 SHIB lump, having bought a similar amount of SHIB earlier this week.

However, on the flipside it seems that these whales are selling By taking quick profits. As per WhaleStats’s data the 100 biggest wallets on the Ethereum chain says that the overall supply of Shiba Inu held by ETH whales has been shrinking.

When we closely monitor the SHIB price sentiment, Shiba Inu has been fluctuating slightly. On April 18, the memecoin hit a low of $0.00002401 before surging to $0.0000256 level.

Thus, this short term minor surge is enough for top whales to make a substantial profit trading huge tokens.

Whales Accumulating these Altcoins

Apart from SHIB, FTX Token also Remain whale’s favourite. Top ETH Whale wallets hold nearly $1.22 billion worth of FTT.

Next comes polygon (MATIC), this remains a popular asset among ETH whales to the tune of $332.59 million.

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Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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