Ethereum Whale munches 99 Billion Shiba Inus

Ethereum Whale munches 99 Billion Shiba Inus in two massive transactions. Let’s know all about this news.

Background

The Ethereum Whale ‘Jiraiya’ has reportedly amassed almost 99 Billion Shiba Inu tokens in two separate transactions. This data was provided by the popular Crypto Whale tracking website by the name of WhaleStats.

According to WhaleStats, the Crypto Whale goes by the pseudonym of ‘Jiraiya’. ‘Jiraiya’ is a popular character from the Manga Series “Naruto” which is popular among teenagers and youngsters.

‘Jiraiya’ ranks at number 16th in the report by the website and has a wallet with a value of $471,254,528.

About the transactions

The transactions were two separate transactions where the wallet accumulated close to 99 Billion Shiba Inus. The first transaction was 49,999,041,461 Shiba Inu worth the value of $1,798,465. Followed by a transaction of 48,999,041,461 Shiba Inus worth $1,810,343.

Possible reason of accumulation

Shiba Inu has been in the dip phase for quite a while. This dip phase attracts potential investors who want to buy the token at discounted prices. The Crypto Whale looks like it wanted to cash in that dip for its portfolio.

The presence of Whales in the free Crypto market has been a subject of debate. We’ve had discussions on the effect of Crypto Whales on the crypto market. Also, crypto whales can easily manipulate the market for their gain on the cost of smaller Investors, or should we say Smaller fish.

Conclusion

Whales can impact the Crypto market quite a lot. Ethereum Whale ‘Jiraiya’ munches 99 Billion Shiba Inus has send ripples across the crypto world and is kind of concerning. Hopefully, you liked this news article. If you want to read more such articles, do visit our website. If you want to read about the basics of Cryptocurrencies and Blockchain Technology, click this link.

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