Ethereum Whales Still Bullish on Shiba Inu, Grab 50 Billion SHIB

Despite the larger market’s recovery with Ethereum noting close to 8% daily gains at press time, meme tokens like Shiba Inu still ruled over the hearts of some ETH whales.

Data from WhaleStats revealed that on February 1, ETH whale ‘Juraiya,’ ranked 13th on the list of top Ethereum whales by the platform, purchased a whopping 50 billion Shiba Inu tokens worth $1.079 million. 

🐳 ETH whale "Jiraiya" just bought 49,998,760,270 $shib ($1,072,473 USD).

Ranked #13 on WhaleStats: https://t.co/7sKlsE7KMV

Transaction: https://t.co/kKpF3Xu8H3#SHIB #ShibArmy

— WhaleStats – the top 1000 Ethereum richlist (@WhaleStats) January 31, 2022

ETH Whales’ SHIB Love

The Ethereum whale known by the name ‘Jiraiya’ has purchased $1,079,500 worth of Shiba Inu equal to 49,998,760,270 tokens, according to the platform WhaleStats platform. Further, Shiba Inu made a comeback to the list of the top ten purchased coins by the largest ETH holders.

Just a week ago, an ETH whale bought 606,352,106,247 SHIB tokens worth over $12 million, as reported in a previous article.

The transaction took place after 2,413 blocks as confirmations show. However, SHIB wasn’t the only token ETH whales had their eyes on, in fact, an ETH whale bought 2,499,969 BAT worth $2,101,566 around the same time. 

Interestingly, Ethereum makes for only around 3.7% equivalent to $39,151,916 of this whale’s crypto portfolio at press time.

The amount of ETH in the whale’s wallet exceeded their SHIB holdings only by a minor percent. The whale also HODLs LINK which makes for 2.96% of the whale’s portfolio equivalent to $31,812,598.

That said, about a week ago, two large ETH whales acquired a huge amount of SHIB tokens around 106 billion worth slightly over $2 million at that time. On January 27, Shiba was on the top purchased tokens by top 1000 ETH whale wallets while other tokens on the list were MATIC, LINK, BAT, and FTM. 

Can A Shiba Recovery Follow?

At press time Shiba Inu oscillated at $0.00002159 noting 3.71% daily and 1.26% weekly gains.

On the other hand, Ethereum’s recovery seemed to be underway on the back of larger market gains triggered by Bitcoin’s sustained price action above the $38,000 mark. Notably, Ethereum at press time stood at $2,731.88 noting 7.69% daily and 11.99% weekly gains. 

Shiba was down 75.29% from its all-time high made in October end last year. Furthermore, SHIB’s short-term and long-term ROIs noted negative returns since the memetoken had been oscillating close to its lower support for the most part of January.

For now, a major SHIB recovery looks unlikely, however, the occasionally positive narratives around the coin can aid short-term price pumps in the near future.