Ethereum Whale 'Hulk' Buys 8 Trillion Shiba Inu Worth $290M

An Ethereum ETH/USD whale wallet named “Hulk” has acquired 8 trillion Shiba Inu SHIB/USD tokens worth $290 million, according to an update from on-chain wallet monitor Whale Alert.

What Happened: In a series of three transactions between Wednesday and Thursday, the whale added the tokens to their SHIB holdings that now exceed $465 million in value.

Market participants speculated that the whale address could be a crypto trading platform such as Robinhood Markets Inc HOOD as opposed to an individual holder given the scale of funds moving across wallets.

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Earlier this month, the Ethereum whale wallet labeled Gimli added another 28 billion tokens to their SHIB holdings, which is worth now over $56 million.

Despite the influx of whale activity, SHIB’s price has declined considerably since its peak of $0.00008845 in October.

Price Action: As of Friday morning at publication, SHIB was trading at $0.00003476, down 2.47% in the last 24 hours.

Bitcoin BTC/USD was up 0.25% at $48,418.88, Ethereum was trading down 2.44% at $4,041.76 and Dogecoin DOGE/USD traded at $0.1691, down 2.96%.

Photo by Todd Cravens on Unsplash

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