Ethereum Whale Buys 386B Shiba Inu Amid Bearish Market

From recent whale activity, it appears SHIB is on the move. Meanwhile, the meme coin has lost over 90% of its total valuation. However, Ethereum whales continue to buy more Shiba Inu despite its recent decline.

During the crypto market crisis, whales bought billions of Shiba Inu tokens. According to reports, the famous ETH whale, Gimli, bought 386 billion SHIB this week alone.

What Is The Motivation For The Latest Acquisition?

The crypto community is confused about why Ethereum whales have shown interest in Shiba Inu again. Some believe it could be due to its latest move towards developing a metaverse platform. 

Last week, developers at the community shared details of their progress on the GameFi and metaverse projects. William Volk, a famous game developer, is currently in charge of designing the game.

Meanwhile, Gimli is among the ten richest ETH whales. WhaleStats states that two whales have purchased over 533 billion SHIB tokens. 

According to the recent price of the meme coin, this is over $3.5 million. Gimli accounted for 386 billion out of the total figure. BlueWhale0159, another whale, bought the 147 billion SHIB tokens.

Furthermore, Shiba Inu is the most sought after altcoin by wealthy ETH investors. However, the whales also have other tokens apart from SHIB, which are FTX Token, MATIC (Polygon), and MANA (Decentraland).

Although the meme coin has received huge attention from whales, SHIB dropped by over 12% recently. The token is listed on exchange platforms like Coinbase, Robinhood, and Binance. 

Ethereum Whales Show Interest In Other Coins 

Meanwhile, Shiba Inu is not the only coin Ethereum whales bought this week. They also collected GALA, ApeCoin, and SLP (Smooth Love Potion).

Whales have shown great interest in the coin of the Otherside metaverse system. The metaverse has opened its doors to new developers and investors lately. 

As a result, the ApeCoin jumped to about $7 before falling to $5.54 when the last correction occurred. Meanwhile, GALA also increased to $0.60 before dropping to $0.48.

GALA is among the cryptos that recorded huge losses in the latest bearish crypto market. According to market valuation, the coin, which was part of the first 50 digital currencies, slipped to position 111. 

However, Ethereum whales had bought some GALA coins. Another coin the whales bought is the SLP. This token is popular on the metaverse and gaming platform Axie Infinity. 

Meanwhile, the SLP has increased by about 3% recently. It is trading in the $0.0040 region. At the time of publication, SHIB was trading at about $0.000010.