One of the largest Ethereum (CRYPTO: ETH) wallet’s dubbed “Gimli” has added another 28 billion tokens of Shiba Inu (CRYPTO: SHIB) to his/her portfolio.
What Happened: According to an alert from wallet tracker WhaleStats, Gimli added 28 billion SHIB tokens worth $1.1 million.
Gimli began accumulating the meme coin in June. The whale now holds over 1.2 trillion tokens worth $56 million in SHIB alone.
SHIB is Gimli’s second-largest holding in terms of ERC-20 tokens. He/she also holds $25 million worth of metaverse token Decentraland (CRYPTO: MANA), $13 million in Fantom (CRYPTO: FTM), and $11 million in Polygon (CRYPTO: MATIC) which make up the wallet’s top three holdings outside of SHIB.
SHIB has remained a favorite among the richest Ethereum wallets that now collectively hold over $2.36 billion of the meme token.
Data collected by The Block in October revealed that eight entities account for over 70% of SHIB’s circulating supply.
Despite the continued interest from whales, SHIB’s value has fallen considerably over the past few months.
The coin has plummeted by more than 50% since its all-time high of $0.00008845 in October when it briefly managed to surpass the market cap of rival meme crypto Dogecoin (CRYPTO: DOGE).
Price Action: At press time, SHIB was trading at $0.00002247, gaining 4% in the last 24 hours. The cryptocurrency had a daily trading volume of $2 billion.
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