This investor spent hundreds of thousands of dollars on Shiba Inu due to the drop in price.
CryptEye, a cryptocurrency analytics website, reported that an unidentified whale purchased 70,86 billion Shiba In (SHIB) worth $730,000 on October 10.
This cryptocurrency whale has purchased SHIB for $833,498 over the last seven days. The purchase of the Shiba Inu tokens is worth a total of $31.15 million to the investor.
The significant purchase was made on a day when the price of SHIB dropped by more than 7%. The price of SHIB, which had begun trading for the new week at $0.000011, was dropping so quickly in value that it quickly added another zero.
However, since yesterday’s most excruciating drop, a trader may already have earned 2% to 3% on his investment.
SHIB obsession among whales Given that SHIB represents the second-largest portion of his portfolio after Ethereum, it is difficult to determine who this whale is and whether he is directly connected to the Shiba Inu project.
SHIB makes up 73% of the portfolio of all non-ETH cryptocurrencies, according to WhaleStats. Shiba Inu still owns a sizable portion of the 100 biggest Ethereum whales’ portfolios.
According to the same data, SHIB is said to hold $126.4 million, or 5.11%, of the total aggregate portfolio of these investors. Only ETH, stablecoins, and the artificial stETH version have a larger market share than SHIB.