The largest Ethereum wallets seem to capitalize on the dip-buying opportunity. ETH whales stormed the meme coin space, purchasing Shiba Inu.

The previous 24 hours saw Ethereum whales accumulating more than 393 billion Shiba Inu tokens. While the meme coin’s price is yet to reflect the move, SHIB’s 24-hour trading volume surged over 20%.

For now, the Dogecoin competitor trades at $0.0000228, down 14% within the past week. That comes as the broad market suffered losses amid inflation worries and hawkish comments by Fed Reserve.

Ethereum Whale Scoops 331 Billion Shiba Inu Tokens

Whalestats data show two ETH whales uniting to grab massive SHIB coins. An address named “Light” purchased 331.9 billion Shiba Inu tokens worth approximately $7.56 million. Another whale, BomBur, grabbed 61.3 billion coins worth $1.39 million.

The massive accumulations had SHIB entering the top ten list of tokens bought by leading 100 Ethereum whales over the past day. The meme coin ranks seven. Also, Shiba Inu joined the top assets Ether whales accumulated over the past week. Nevertheless, SHIB doesn’t appear on the top-ten list of sold tokens over the past day and week.

Meanwhile, data shows stablecoins as whales’ favorites amid the current market condition. Large wallets appear ready to purchase more dips.

‘Light Holds SHIB worth Over $763 Million

Data shows Light holds Shiba Inu tokens worth more than $763 million. That could be one of the highest numbers among the token holders. Recently, SHIB surpassed FTT to be the leading coin top 100 Ethereum whales held (by dollar value). The leading Ethereum wallets had SHIB worth over $1.19 billion.

Shiba Inu has endured price drops amidst the latest BTC downtrends. While the meme token fell, its daily trading volume jumped by 20% to $774 million. Meanwhile, SHIB ranks 2ndlargest canine-themed crypto, with its market cap exceeding $12.5 billion.

The crypto market flashes bloodbath, with top cryptos losing significant values. While publishing this blog, the global cryptocurrency market cap stood at $1. 87 trillion, dropping 0.45% over the previous 24 hours.

Stay tuned for upcoming developments in the crypto space.