One of the big whales of the cryptocurrency Ethereum has added 28 billion Shiba Inu tokens to a portfolio worth more than $1.1 million (about Rs 8.81 crore). The number of tokens in this portfolio now exceeds 1.2 lakh crores.
Whale wallet "Gimli" began buying Shiba Inu tokens in June and has since accumulated $56 million (approximately Rs 422.4 crore) in tokens.
The price of the Shiba Inu has dropped by more than 45 percent in the last 30 days but whales like Gimli have continued to buy in the fall and this has also increased the popularity of the Shiba Inu.
WhaleStats reported on Twitter that Gimli has exclusively purchased Shiba Inu tokens over the past few months. This unknown whale had earlier bought Shiba Inu tokens worth about $1 million (about Rs 7.54 crore).
Another WhaleStats alert shows that the top 1,000 Ethereum wallets now hold over 47,624 billion Shiba Inu worth over $1.7 billion (approximately Rs 12,821 crore).
Data from Whalestats also shows that large Ethereum whales are also taking interest in play-to-earn gaming projects such as Gala, an Ethereum-based altcoin. Its value has risen since its recent listing on Coinbase.
However, the Shiba Inu's value hasn't benefited despite increased buying from whales. Its price has come down a lot in the last one month.
It has declined by more than 50 percent from the all-time high of $0.000008845.
Jordan Belfort, a former Wall Street trader and known as the "Wolf of the Street" due to the rising popularity of mime coins, raked in thousands of dollars from botched sales in the stock market, disagrees.
He says that Shiba Inu and Dogecoin are two popular cryptocurrencies but they have no real value or use. The sole purpose of such tokens is to cheat people. Belfort says that there are many stories of people making huge profits by buying Shiba Inu, but more people have been harmed by this token than this.