Of course, there’s rumors about the founder of Shiba Inu cryptocurrency, Ryoshi, returning recently & unleashing a new token, TSUKA. However, it’s his original project SHIB that’s the top contender.
Today, an Ethereum Mega-Whale, decided to buy into the Top 10 cryptocurrency. The crypt-magnate bought $7-Million-Dollars of SHIB tokens.
The staggering amount puts 536 Billion SHIB coins in the Ethereum Whale’s ownership.
According to the blog Bitcoinist, the $7-Million was spent over a series of 14 transactions. And the purchases were made between two crypto-exchanges, Binance and Coinbase.
This purchase comes after a dip in the price of Shiba Inu. If kept in place, the large purchase along with the burning of tokens, could help a sharp increase in the value of SHIB tokens before the end of 2022.
The Ethereum Whale transformed into a SHIB-Whale, did however sell $250,000 worth of token after the initial $7-Million-Dollar purchase. The reason why is not known.
Currently Shiba Inu crypto-coins make up just under 4% of the top 100 ETH Whales’ cryptocurrency portfolio. At its peak in those whales’ wallets, SHIB made up 20% of their portfolio.
This indicates some faith in the future of SHIB has been lost by Ethereum whales.
Brand Value Makes Adoptance Sexy
However, with continued burning and current brand value of Shiba Inu coins being so high, this could easily change. It is a Top 10 cryptocurrency and has one of the largest social media followings of all crypto currencies today.
Hundreds of thousands of user on subreddit community r/ShibArmy are waiting to spend money with businesses that accept SHIB tokens. As soon as the news of a new retailer or corporation accepting the ‘DOGE Killer’ token is publicized, the community shares the information. Immediately thousands of people move to review the new shop that accepts their favorite token and potentially become clients.
With more businesses adopting cryptocurrency, it’s easily a favored choice for businesses because of the sheer number of people currently holding SHIB tokens that could send money to their business.