An Ethereum whale, one of the largest, has recently rushed in to add 28 billion Shiba Inu tokens, valued at over $1.1 million (approximately Rs. 8.81 crores), to a portfolio that now contains over 1.2 trillion tokens. The ‘Gimli’ whale wallet started buying SHIB tokens in June and has amassed a total of $56 million since then (roughly Rs. 422.4 crores).
The value of Shiba Inu has decreased by more than 45 percent in the last 30 days, yet whales like ‘Gimli’ have continuously purchased the dip, and the Dogecoin competitor has soared in public appeal.
According to WhaleStats on Twitter, ‘Gimli’ has been very active in acquiring SHIB tokens recently. The unidentified whale had previously spent $1 million on 24.8 billion SHIB coins (roughly Rs. 7.54 crore).
According to a second WhaleStats warning, the top 1000 Ethereum wallets currently possess over 47,624 billion SHIB tokens valued at over $1.7 billion (roughly Rs. 12,821.78 crores). The top 100 Ethereum wallets holding SHIB experienced a phenomenal 42.7 percent rise in accumulation during a single day’s transaction during the last week of November alone, clearly demonstrating the potential whales perceive in SHIB.
According to Whalestats, the world’s largest Ethereum whales have been shifting their focus to play-to-earn gaming projects like Decentraland and Gala, an Ethereum-based metaverse cryptocurrency that has seen a jump in value following its recent Coinbase listing.
The persistent interest from whales, on the other hand, hasn’t benefited SHIB’s valuation, which has plummeted in the last month. Since its all-time high of $0.00008845 (approximately Rs. 0.0067) in October, when it temporarily surpassed the market valuation of rival meme cryptocurrency Dogecoin, the coin has plunged by more than 50%.
Jordan Belfort, a former Wall Street trader, and well-known public figure feels that meme currencies such as Dogecoin and Shiba Inu are total hoaxes and that their creators should be imprisoned.
Jordan Belfort dubbed the “Wolf of Wall Street” after stealing thousands of dollars in fraudulent stock transactions, considers himself a cryptocurrency lover but opposes tokens that are based on a losing system. In an interview, Belfort, who is now a motivational speaker, expresses his support for blockchain technology, saying, “But there’s a lot of crap out there.”