Shiba Inu, the terrific performing meme-coin of the crypto space is slowly and steadily going mainstream. If the current trends continue, Shiba Inu will soon be considered as a stable coin.
The institutional interest in Shiba Inu seems to be getting bigger and bigger. Off late, a lot of crypto whales have been placing large buy orders for the Shib token.
According to data from WhaleStats, the first ETH whale purchased 49,998,916,299 Shiba Inu coins worth almost $1,211,473 in fiat terms. Shiba Inu now comprises 12% of their overall crypto portfolio. The holding value of SHIB is $866,896,450, as per stats from the same data aggregator.
Other coins which the ETH Whale holds are RON and tokens related to McDonalds, YouTube and Google.
The second ETH whale dumped $1.3 million to purchase 55,802,919,158 Shib coins.
While whale purchases have the potential to affect the price, Shiba Inu did not see any massive change in its price and this has left the ShibArmy members questioning about whether or not such transaction has even happened.
However, we know for sure that the interest of whale accounts in buying Shiba Inu Coin is not false because Shib has been proven to be the largest holding of ETH whales after Ethereum.
Shiba Inu Burns
We recently also reported that 3.5 billion Shib tokens were burnt from supply in the last two months. If you are not aware about what coin burns are, here is a simple way to look at it.
Coin Burn is essentially the practice of destroying the coin so that it is not available for further and is wiped off the supplies. This is done by sending the coins to any forgotten or specialized wallets whose private keys are not accessible. This, in turn, removes the token from supply and helps boost the price of the cryptocurrency.
What do you think will happen to Shiba Inu’s price if large whale wallets continue buying the memecoin? Tell us your thoughts in the comments.