With one of the strongest corrections in the cryptocurrency market upsetting investors right now, an ETH whale has decided to buy half a trillion SHIB.

This unexpected purchase came at a great time. Because the Shiba Inu had a recovery rally over the weekend. That rally, however, was stalled by the opening of financial markets on Monday.

The whale's purchase of SHIB may have aimed to both buy the market drop and support the market recovery rally. But according to the chart in Trading View, the big buy failed to keep SHIB from following the main trend of the market.

altcoins whale

SHIB grew almost 16% over the weekend, then quickly slumped below $0.00002, reaching a value the market has not seen since early October 2021.

While the meme token is trying to reclaim the top spot among the top bought coins by whale-level Ethereum wallets, FTT is in first place with $1.3 billion in tokens held by whales.

After the recent market plunge, the value of Shiba Inu assets has dropped significantly and is currently valued at $1.1 billion. This was the lowest point on record since October's 1000% run, when whales held about $1.2 billion worth of SHIB. The Shiba Inu is trading at $0.000019 at the time of the news and seems to have lost about 15% of its value in the last 24 hours.

Shiba Burn

WhaleStats Reports: "Whales continue to purchase Shiba Inu."

According to WhaleStats data, which tracks the transactions of the top 1000 Ethereum whales, the 34th largest Ethereum whale “trinity” has recently bought a large amount of Shiba Inu.

According to the information conveyed by Whale Stats, the purchases made at short intervals are as follows:

  • Ethereum Whale “Trinity” bought 426 billion Shibs worth $8.7 million.
  • Ethereum Whale “Trinity” bought 500 billion Shibs worth $10 million.
  • Ethereum Whale “Trinity” bought 500 billion Shibs worth $10 million.
  • Ethereum Whale “Trinity” bought 500 billion Shibs worth $10 million.

It was observed that the 34th largest Ethereum whale named Trinity received MANA and MATIC, as well as Shiba.