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SHIB: Whales Buy 386 Billion Shiba Inu Despite Bear Market

2 mins
Updated by Rosario Junco

In Brief

  • Or is it BECAUSE of the bear market?
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SHIB may be on the move. Despite Shiba Inu losing 90% of its value in the bear market, the cryptocurrency continues to be the focus of attention of Ethereum whales.

Whales added billions of new SHIB tokens to their accounts during the downtrend. The famous whale known as Gimli added 386 billion Shiba Inu to their account earlier this week.

SHIB Purchases – Motivation

So what has caused this renewed interest in SHIB? It could be a foray into the Metaverse. Shiba Inu developers shared progress on their metaverse and GameFi projects last week. Accordingly, some explanations may be made known in the coming days for the game, which is under the leadership of game designer William Volk.

SHIBA Inu Loses 30000 Holders as Interest in Memecoin Wanes -

Gimli Keeps Collecting Shiba Inu

Gimli, one of the 10 richest Ethereum whales, continues to increase the amount of SHIB tokens in their account with the downtrend. According to WhaleStats, which tracks uploaded accounts, two whales bought a total of 533 billion tokens ($3.5 million).

Gimli alone took 386 billion tokens while another whale named BlueWhale0159 added 147 billion tokens.

SHIB also remains the most collected altcoin by the wealthiest Ethereum investors. Whales hold other tokens too – FTX Token (FTT), Decentraland (MANA) and Polygon (MATIC) alongside SHIB Coin.

Despite the whale purchases and updates on the game, SHIB Coin has not been able to avoid losing 12% this week. The token, which is listed on exchanges like Robinhood, Binance, and Coinbase, was trading at $0.000010 at the time of writing.

SHIB is not The Only Coin of Interest

Ethereum whales also collected ApeCoin (APE Coin), GALA and Smooth Love Potion (SLP) this week. Whales have been showing interest in the Otherside (Ape Coin) metaverse platform, which has been opening its doors to landlords for two weeks. After such interest, ApeCoin tested the $7 level. The Ape Coin price retreated to $5.54 after the last correction.

Although GALA, which gained value with ApeCoin, rose to $0.60, it decreased to $0.48 with the last correction. GALA became one of the cryptocurrencies that lost the most in the bear season. GALA, which was among the top 50 for a period according to its market value, dropped to the 111th place in this ranking.

The Smooth Love Potion (SLP) token is used on the Axie Infinity metaverse platform. SLP Coin is up 3% this week to $0.0040.

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