Crypto whale buys 50 billion Shiba Inu coins worth $1.8 million, as the meme coin fell 15% in the past seven days amid the wider sell-off in cryptocurrencies.
This is according to data from Whalestats, which records the transaction activity for the 1,000 largest Ethereum wallets.
As the dogecoin-inspired coin dropped this week during a wider sell-off in digital currencies, an Ethereum whale purchased nearly $1.8 million worth of Shiba Inu. The Jiraiya wallet now has 1.67 trillion Shiba Inu in its possession, valued at $59.6 million.
What you should know
This buy comes on the heels of another massive Shiba Inu gamble on Tuesday, when another whale scooped up nearly 100 billion coins worth $3.5 million on the Binance Smart Chain.
Shiba Inu has fallen about 15.93% over the past seven days, and is down -4.23% in the past 24 hours at $0.00003400, according to CoinMarketCap data. The current circulating supply is 549,057,767,444,318.66 SHIB.
Fears over the Omicron coronavirus type discovered last week have roiled asset markets, sending digital currencies down.
Over the last seven days, the top cryptocurrency, Bitcoin has lost 9.74%, while Ether has lost 4.4% at the time of writing this article.
A few large investors own the Shiba Inu breed. According to CoinMarketCap data, the largest whale has over 410 trillion coins.