Anonymous whale buys large number of Shiba Inu tokens amid market sell-off
While one of the strongest corrections on the cryptocurrency market is taking place, whales have decided to increase their holdings and specifically accumulate some Shiba Inu tokens as this wallet purchases half a trillion tokens.
A big buy to save the rally
The timing of this unexpected purchase couldn’t have been better as Shiba Inu was going through a rally over the weekend which then stalled when the financial markets opened on Monday.
Buying the whale could have been aimed at both buying the market decline and supporting the rally rally in the market. But according to the chart on Trading View, the big buy could not “save” SHIB from following the major market trend.
While growing by almost 16% on the weekend, Shiba Inu then swiftly retraced below $0.00002, reaching a value the market has not seen since the beginning of October 2021.
Shiba fails to regain first place
While the memetoken was previously “trying” to regain first place as the biggest holding on whale-tier Ethereum wallets, FTT token took first place with $1.3 billion worth of tokens held by whales.
After the most recent market decline, the value of Shiba Inu’s holdings has dropped significantly and is now valued at $1.1 billion, which is the lowest point since the 1000% run in October. when the whales held approximately $1.2 billion worth of tokens.
At press time, Shiba Inu is trading at $0.000019 and losing approximately 16% of its value in the last 24 hours.
