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.

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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