Shiba Inu Whale Invests $1.8 Million in Memecoin
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A cryptocurrency whale bought more than 50 billion Shiba Inu coins worth $1.8 million on Thursday after the market crash
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The meme coin has lost about 17% of its value in the past week, following the crash of the broader crypto market
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This is coming after another crypto whale scooped up 100 billion SHIB on Tuesday
An Ethereum whale bought about $1.8 million worth of Shiba Inu as the meme cryptocurrency slid this week.
According to data from Whalestats, the crypto enthusiast scooped up 50 billion units of the dog-themed cryptocurrency on Thursday.
This brought the total holdings of SHIB in the wallet to 1.67 trillion Shiba Inu, worth $59.6 million in today’s market.
This follows another recent huge investment in SHIB on Tuesday when a whale bought 100 billion units worth $3.5 million.
The meme cryptocurrency has fallen about 17% in the past week, according to data from CoinMarketCap.
Read also: Crystal Palace Becomes the Latest Football Club to Adopt Cryptocurrency
The fall of the coin comes on the back of a global market crash as fears mount over the emergence of the Omicron coronavirus variant which was discovered about 2 weeks ago.
Shiba Inu is concentrated in the hands of a few big investors, with the biggest whales owning more than 41% of its total supply.
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