Blockchain data shows that a massive Ethereum ($ETH) whale with over $500 million in total assets has now accumulated over 18.8. trillion Shiba Inu ($SHIB) tokens since they started buying the meme-inspired cryptocurrency in July 2022.
According to data from blockchain wallet management platform Zerion, the whale has been accumulating $SHIB ever since the cryptocurrency’s price crashed from around $0.000027 in April 2022 to around $0.011, which is when it started accumulating.
So far, the whale has accumulated over 18.8 trillion tokens worth over $226 million, making it the largest token position it currently has. Its average $SHIB cost is $0.000015, which means it’s losing around $68.9 million in total on its position.
The whale’s second-largest position is on Ethereum’s native $ETH token, as it holds around $195 million worth of the cryptocurrency. Next, the whale holds $42 million worth of Polygon ($MATIC), and around $13 million worth of Chainlink ($LINK). Data shows it started accumulating $MATIC in June, and $LINK in August. The whale could sell both of these holdings for a profit at the time of writing.
The whale also holds $8 million worth of Compound ($COMP), the governance token of the money market protocol, which it started acquiring in July after its price crashed, as well as $5.3 million worth of Uniswap ($UNI). It’s in a state of profit on both of these holdings as well.
As Daily Hodl reports, data from the blockchain shows that the whale’s accumulation has seen it become the sixth-largest Shiba Inu ($SHIB) holder, owning around 1.88% of the meme-inspired cryptocurrency’s total circulating supply.
As reported, Shiba Inu has led the “trending” charts on popular crypto aggregator websites after it was listed on one of South Korea’s largest crypto trading platforms by volume.
Seoul-based exchange Upbit, which has been registering more trading volumes than any other exchange in the country after Binance, recently revealed the listing of a $SHIB pair trading against the South Korean Won (KRW).
The largest whales of the Ethereum ($ETH) network have accumulated around $85 million of $SHIB ahead of its layer-2 scaling solution’s launch, and at a time in which the meme-inspired cryptocurrency partnered with the North American luxury brand Bugatti Group involved the minting of non-fungible tokens (NFTs) in a “special event” in which the Bugatti Group hosted a “mint party and space” dedicated to Shiboshis.
According to an account associated with the meme-inspired cryptocurrency, the special mint collection “sold out in the first 4 minutes” of the event as demand for the tokens far exceeded supply.
Featured image via Unsplash.