The dramatic price drop in Shiba Inu (SHIB) has provided the ideal chance for whale traders to enhance their holdings in the asset class.
Whale investors have found the perfect entry opportunity in SHIB, which is currently trading around $0.00002080, and are not slowing down in their collection of the famous dog-themed cryptocurrency.
BlueWhale0073 has raised her Shiba Inu holdings as the price of the cryptocurrency falls, according to new data published today by WhaleStats, a cryptocurrency analytics data company that follows the activity of the top 5,000 Ethereum wallets.
According to WhaleStats, BlueWhale0073 paid $6.1 million for a Shiba Inu worth 300,997,019,465 (about 301 billion).
The freshly purchased coins were moved from an unknown address to BlueWhale0073 earlier today, with the wallet owner paying a small charge of $9 in Ethereum for the transaction (ETH).
Shiba Inu Transactions by BlueWhale0073
BlueWhale0073 is presently number 257 in the top Ethereum address rankings on WhaleStats, and the user has been buying the second-largest memecoin since last month.
BlueWhale0073 purchased nearly 500 billion Shiba Inu in April alone, according to reports, and the address owner only buys the 15th-largest cryptocurrency when the price drops.
BlueWhale0073 is not a long-term Shiba Inu holder, as the address is only spotted buying SHIB when the price is low and selling once the token's value rises.
At the time of writing, BlueWhale0073 has a total of 403,241,854.56 SHIB (about $8.43 million) in his account.
In just 24 hours, the Shiba Inu has lost 3.4 percent of its value.
Shiba Inu, like other cryptocurrencies, has taken a hit in the last 24 hours, with the token losing 3.4 percent in the hours coming up to press time.
According to Coingecko data, Shiba Inu reached a 24-hour high of $0.00002159 and is now trading around $0.00002083.