Shiba Inu Whale Adds More Than $22M SHIB, Is A Reversal In The Works?

Shiba Inu continues to receive a reasonable level of attention from crypto investors, prominently from whales who continue to hold and buy large quantities of SHIB. This time around, the meme coin is being gobbled up by one of the largest whales, which already holds hundreds of millions worth of coins. The sheer size of the transactions alone has been enough to catch the attention of trackers, sparking speculations on who it might be.

Whale Adds $22 Million In SHIB

One of the largest Shiba Inu whales had transferred almost 2 trillion SHIB to its balance, which came out to a dollar value of $22 million at the time of purchase. This was done in a 24-hour period, and data shows that this wallet is the 6th largest Shiba Inu wallet, with more than $319 million worth of SHIB tokens held on its balance.

Large transactions like this are not strange in the Shiba Inu community, but given their size, they tend to raise eyebrows. This particular wallet’s owner is not known, which has been a major subject of contention in the community. Some speculate that it might belong to a private investor or likely a team wallet. But there is the possibility that this is an exchange wallet, meaning that its balances could belong to thousands of investors.

SHIB fails to hold gains | Source: SHIBUSD on TradingView.com

There are other large investors of Shiba Inu who are widely tracked. Most of them are also Ethereum whales and have been some of the largest supporters of the meme coin. However, these Ethereum whales’ SHIB investments have thinned down about 85% in the last year, dropping from a collective dollar value of more than $1 billion to around $152 billion at the time of this writing.

Shiba Inu Profitability Tanks

As mentioned above, the dollar value of the SHIB holdings of the largest Ethereum whales has dropped in the last year. Now, while some of this decline has come from the whales themselves selling some of their tokens, they have also seen their positions suffer as a result of the downtrend that it has suffered.

Data from Messari shows that Shiba Inu, which is currently ranked as the 13th largest cryptocurrency by market cap, is down more than 85% from its all-time high. Given that majority of its investors had gotten into the digital asset during the bull market, profitability has tanked across the board.

Presently, there are only a total of 28% of SHIB investors who are currently in profit. The vast majority (66%) are currently taking on heavy losses, while a conservative 6% are at break-even levels. It doesn’t help that the digital asset struggles to hold on to any gains it makes.

On Sunday, the price of SHIB had spiked 9% upwards to $0.00001340, but before the day was over, the meme coin had shared most of these gains. This inability to retain value, coupled with the bear market, has seen Shiba Inu investors emerge as one of the worst-hit communities.

Featured image from InsideBitcoins, chart from TradingView.com