A mysterious cryptocurrency whale has bought a total of 3.2 trillion Shiba Inu ($SHIB) tokens as the price of the meme-inspired cryptocurrency keeps on dropping. Who the whale is isn’t clear, although speculators have suggested a large entity is behind the acquisition.

According to cryptocurrency whale monitor WhaleStats, the whale spent a total of $120 million in the 3.2 trillion SHIB tokens across three different transactions. Looking at the transactions shows the whale was careful with the path the funds took, so much so identifying its portfolio is much harder than with other whales.

As a result, speculators and blockchain sleuths have dug into the data to try and find out who is behind the largest bet on the meme-inspired cryptocurrency. Canadian healthcare services firm Ask The Doctor, which recently added $1.5 million in SHIB to its balance sheet, speculated the $120 million buy could have come from commission-free trading platform Robinhood.

A Twitter account dedicated to the meme-inspired cryptocurrency, on the other hand, claims to have traced the transactions back to a wallet associated with the Squid Game token, a cryptocurrency whose price collapsed 99.99% after its founders dumped their tokens on retail investors.

Ethereum whales have notably heavily been influencing Shiba Inu’s price over the last few months, and have kept on accumulating ever since the cryptocurrency dropped from its $0.0008 all-time high seen in October.

As CryptoGlobe reported, one of the largest Ethereum whale wallets with nearly $300 million in assets has recently added 72 billion SHIB tokens, worth just over $2.5 million, to its portfolio. Another well-known Ethereum whale known as “Gimli” has also kept on accumulating SHIB in transactions worth millions of dollars to get close to $100 million worth of the meme-inspired cryptocurrency in its wallet.

Data has shown that whale transactions have helped fuel Shiba Inu’s price rise this year. According to cryptocurrency analytics firm Santiment, SHIB transactions exceeding $100,000 have generally surged ahead of cryptocurrency price rises. Notably, whales may be accumulating even more of the cryptocurrency ahead of these rises.

So fear, over 41% of the total supply of SHIB has been burned as its community keeps coming up with new initiatives to burn tokens and decrease its circulating supply. 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.”


The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.


Featured image via Pixabay