A mysterious Ethereum ($ETH) whale known as “Gimli” has kept on accumulating the meme-inspired cryptocurrency Shiba Inu ($SHIB) by adding $1.7 million more to his portfolio, now worth over $47 million.

The Ethereum whale’s move was first spotted by WhaleStates, which noted the 31.3 billion SHIB tokens the whale purchased were then worth around $1.73 million.

A look at Gimli’s wallet shows that, at press time, they have over $90 million worth of cryptocurrency in their portfolio. Shiba Inu currently represents over half of that value, as they hold 863 billion SHIB, worth over $47.4 million.

Their second-largest holding is Ethereum, representing 21.6% of their total holdings at $19.7 million. Next is Decentraland ($MANA), which represents 7.6%, followed by Fantom ($FTM), representing 6%.

The whale also holds in smaller amounts Polygon ($MATIC), Chainlink ($LINK), Chiliz ($CHZ), Enjin ($ENJ), and Orchid ($OXT). Other holdings in their wallet represent less than 1% of the total.

The whale, as CryptoGlobe reported, bought 153 billion SHIB in a large transaction earlier this month, to at the time bring their total holdings to 629 billion tokens. The whale has been accumulating SHIB even as the cryptocurrency’s price drops.

The cryptocurrency is up well over 460% in the last six months, but started dropping in late October as the retail trading frenzy that helped it surge started cooling. Since the beginning of the month, it’s down over 10%.

SHIBUSDT Chart via TradingView

Digital asset-focused research firm Delphi Digital has revealed that historically dog coins, meaning cryptocurrencies inspired by the popular Shiba Inu meme, have historically been “a pretty good indication of an overheated market.”


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Featured image via Pixabay