Whales Load up On Shib Ahead of Eth Merge
Crypto whales continue to voraciously gobble up $SHIB as the token continues to trade at a huge discount from its previous ATH. According to WhaleStats, Shiba Inu remains a popular choice of crypto among ETH whales in particular, and currently ranks as their 4th most held token.
SHIB whales like to wolf down significant amounts of $SHIB tokens whenever its price trades near a key support level or experiences a large drop. According to Etherscan data, the 69th largest SHIB whale known only as the "0x5d7f34372fa8708e09689d400a613eee67f75543" has recently added $7.87 million worth of $SHIB to his/her wallet, over the course of ten transactions. The address currently holds a total of 656.7 billion Shib tokens!
Meanwhile, other mysterious SHIB whale has scooped up a whopping 3.37 trillion $Shib (worth $42.76 M at the time) earlier on September 5th. The transaction involved a gas fee of $1.6 worth of Eth. No one knows for sure if this whale is a person, an exchange, or an institution. However, such huge buys suggest that this whale might have access to important insider info about positive developments for the token.
Interestingly enough, other tokens held by the whale in question include some of the less-known tokens such as "Cadinu Token" and "KodachiChain Token", both ERC-20 tokens with hodlers counting less than 100.
So, why all the appetite for Shib in the recent days?
Even though the Shiba Inu price continues dipping due to the bear market conditions, 2022 can still be considered a great year for the project. In fact, Shiba Inu is working on massive projects that are likely to push for more adoption of the token in the future. That said, it is highly likely that whales are expecting a major pump in the SHIB price in light of new developments in the token’s projects and upcoming events.
For instance, Shiba Inu’s layer two, Shibarium, is expected to launch this year, bringing lower transfer fees (gas fees) and faster transactions. Add to that, the token is making steady progress on its Metaverse project. Shiba Inu’s game “Shiba Eternity” was also released for beta testing in Vietnam earlier this year, with a worldwide version underway. All these avenues of development and growth may be the reason behind all the recent hunger for Shib.
Another possible explanation of the whales accumulating is the ETH merge scheduled for September 15th. Being an Ethereum token and part of its ecosystem, Shiba Inu will most likely benefit from a successful merge since it will lower its transaction fees and thus make it more mainstream.
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