The trend of whales making big splashes in the market continues, especially for Shiba Inu (SHIB). According to mega crypto investors monitoring tool, WhaleStats, the second biggest Binance Coin (BNB) wallet bought approximately 100 billion SHIB tokens. The whale paid $3,799,999 for the tokens.
The wallet currently holds BNB worth circa $585,016.44, and other 84 ERC-20 tokens on the Binance Smart Chain network worth around $499 million.
The purchase is coming at a time when other whale-level investors have been buying up the dog-themed Shiba Inu token which is currently in a dip. According to data from CoinMarketCap (CMC), SHIB is down around 35.5% in a 30-day time frame. However, the dog-themed coin has been striving to stage a rally on the day.
Whales On SHIB Accumulation Spree
Despite struggling in the market, SHIB is currently the ninth most purchased and most sold token among the top 1000 BSC wallets.
Amid whale wallets on the Ethereum network, the story is rosier as SHIB continues to maintain around 8.74% dominance in the biggest holding of the top 1000 Ethereum wallets by dollar value as they hold close to $2 billion worth of SHIB tokens cumulatively.
One Ethereum whale wallet dubbed ‘Gimli’ has been one of the investors on a SHIB accumulation spree. Just last week, the wallet added 28 billion SHIB worth over $1.1 million to bring its total holding to over 1.2 trillion SHIB tokens.
Not everyone thinks Shiba Inu should be so popular
It is clear that the meme coin has become highly popular both among investors and in the community. Despite this, some key players still have strong objections to the growing popularity of the joke coin.
One such opponent is Jordan Belfast, nicknamed “the real Wolf of Wall Street” for stealing thousands of dollars in fraudulent stock sales, Belfast says he believes cryptocurrencies like Dogecoin (DOGE) and Shiba Inu are completely fraudulent. The former Wall Street trader adds that their founders should even be imprisoned. Belfort made the statement in his recent interview with a UK-based tabloid, The Sun.
Another fear has been that the majority of SHIB tokens are currently in the hands of whale investors. This is evident as around 89.33% of the circulating supply of SHIB is in the grips of just 100 wallet addresses according to data from CMC. This has been noted to be a flaw as it leaves the market for the token vulnerable to market manipulation.