Shiba Inu has always been a whale favorite. According to the multi-chain wallet tracker WhaleStats, the biggest Ethereum whales have acquired Shiba Inu meme coins worth $8 million over the last two days.
It took place after Jim Cramer of CNBC advised investors not to purchase cryptos in broad, and SHIB and DOGE in specific.
Shiba Inu is still the whale’s favorite
According to a recent tweet by WhaleStats, the whales’ SHIB stockpile has grown significantly by $8,000,000 over the past weekend. The equivalent number is 643,086,816,720.
The top 500 wallets held mildly more than $147 million in the second-largest canine coin at the end of the previous week. They currently possess SHIB valued at $155,359,382. Anonymous wallets also poured copious amounts of SHIB on Friday and Saturday.
Three other significant SHIB transactions were also sent to sell on Binance by a mysterious whale, along with the purchase of 114,952,894,138 Shiba Inu. Whales scooped up a combined 281 billion Shiba on Saturday.
Mad Money host Jim Cramer has frequently discussed his love-hate relationship with cryptocurrencies. The latter was revealed by Cramer, who counseled the community to stay away from speculative investments like cryptocurrencies. The crypto-verse has received a lot of criticism since it first appeared.
Many government representatives talked about how Bitcoin [BTC] was the currency of the dark web. But it soon became apparent that BTC was much more than just a representation of the mysterious internet as time went on.
Investors should stay away from the sector while they were still in shock, Cramer advised. He went on to compare it to the current tightening cycle by the Federal Reserve.
Additionally, he advised investors to stay away from risky investments and, in particular, to stay away from cryptocurrency and “get memed.” This is likely to be taken to mean staying away from meme stocks and coins like Dogecoin and SHIB.