Shiba Inu continues to grab investors’ attention after a newly created address rose to the position of the 27th largest SHIB holder upon purchasing a whopping 4.1 trillion tokens worth over $32 million. According to Etherscan.io data, the massive accumulation took place in three separate transactions.
The anonymous user initially purchased 4,113,776,233,445 SHIB tokens, and a few hours later bought 1,500,000 [1.50 million] SHIB tokens for just $11. Then they added an extra 37,966,105,116 [37.96 billion] SHIB tokens, valued at $294,236 in the third and final transaction.
When it comes to the most traded coins among the top 1,000 ETH whales, Shiba Inu has been a consistent favorite among this investor cohort, TronWeekly reported. This shows that “whales,” or wealthy investors, still have faith in the meme token despite the stagnant price movement of the meme token.
Moreover, the top 100 ETH whales own 49,621,465,093,500 [49.62 trillion] SHIB, which is worth $601.20 million, according to whale tracking portal Whalestats. This highlights the large presence of SHIB in their portfolios, as it represents approximately 11% of their total holdings.
The meme token recently added another feather to its cap by making significant strides in market capitalization. From June 13 to date, the market cap has added another $500 million to its tally, reaching $4.5 billion at press time.
Shiba Inu’s Puppynet Crosses A New Milestone
It has been suggested that the price of SHIB may be affected by the enormous growth in market capitalization. Market watchers think that this would inspire a sense of optimism among investors, which might then raise demand and drive up the price of the coin.
At the time of writing this post, SHIB has changed hands at $0.00000774, with a marginal decline in the past 24 hours. The 19th-ranked meme coin by market cap is over 2% in the weekly index.
Meanwhile, the Shiba Inu ecosystem is entering a new era when layer-2 Shibarium’s testnet, Puppynet,” reached the critical threshold of 30 million total transactions. There are now over 17,062,128 wallet addresses in existence. Shibarium beta Puppynet is currently processing 1,727,785 blocks, which is a rise from the previous figure of 1,627,000.