An anonymous buyer decided to go on a shopping spree in two days for a SHIB coin, which contained about 6.3 trillion coins. Whale began its race on October 1, when it went ahead and bought 6 trillion SHIB coins worth approximately $43,838,900 (approximately Rs 3,27,81,19,505). The whale then went ahead and bought 116 billion coins the next day, followed by two more transactions of 159 billion coins and 1 billion coins, the last three transactions taking place within a few hours.
The total amount of SHIB coins purchased by Whale on Saturday, October 2 was up to 276 billion. In such high volumes the price of the SHIB coin increased by 5 percent after which it came down by about 3 percent.
But this is hardly the first time a whale has changed the fortunes of Memecoin. Launched in August 2020, Shiba Inu was introduced to capitalize on the popularity of Dogecoin, with countless investors flocking to the cryptocurrency space.
However unlike rivals Dogecoin, Shiba Inu rose up immediately.
Investors seemed to be highly interested in the Shiba Inu as the total value locked (TVL) in June and July approached $2 billion. According to DeFiLlama, TVL has since dropped to less than $300 million.
But that hasn’t discouraged the mysterious SHIB whale from buying up large chunks of the property.
In fact, such interest from whales has only cemented the position of the Shiba Inu in the market over the past few months. SHIB was released on eToro – a global social trading platform based out of Israel – in late June and since then, memecoin has seen listings on CoinBase Pro and WeBull in early August, all driven by whales to buy billions of coins. Huh. September was similar, which resulted in SHIB making a place in Binance’s portfolio as well.
There’s a lot about Memecoin that sees itself as a ‘doge-killer’ social media too, with nearly a million followers on Twitter. Fans now believe that a launch on Robinhood may be imminent.