Amid the larger crypto market sell-off, an anonymous Ethereum whale has bought 500 billion Shiba Inu (SHIB). The large SHIB acquisition seemed like a favorable one for its buyer, as it occurred during the weekend’s recovery rally for the token. However, the reopening of the financial markets on Monday to begin the trading week seems to have slowed it down.
Shiba Inu surged by approximately 16% over the weekend before quickly retracing back under $0.00002. In so doing, the canine-themed digital currency revisited a market value not seen for more than three months.
One reason for the purchase made at this time might be the market plunge as the whale may have bought the dip, while the second is to support the market’s recovery rally. However, stats from Trading View clearly revealed that despite the large purchase, Shiba Inu was not immune to the market’s general trend.
Following the market’s most recent slump, Shiba Inu holdings also decreased substantially to about $1.1 billion in value. This represents the lowest point for digital currency since October. Then, whales were in possession of about $1.2 billion worth of Shiba Inu tokens following a 1000% run during the month.
At the time of writing, SHIB was currently changing hands at $0.000019.
Image Credits: Pixabay
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