Crypto Whale Grabs 74.9 million SHIB

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A Crypto whale has grabbed a massive chunk of SHIB tokens amounting to a whopping 74.9 million SHIB tokens. A few days after the meme currency dropped, this development came from the fourteenth place to the twenty-first. 

The Shiba Inu online community named the meme coin “Doge killer.” On the seventh day of October, its price reached a high of $0.00003314, although it is still digits away from its record high of $0.000044999.

This whale is not the first to purchase a massive amount of the Shiba Inu tokens. In the recent past, another anonymous whale purchased 6,000,000,000,000 SHIB tokens in one transaction. 

After a short while, the whale purchased three lump sums totaling about two hundred and seventy billion SHIB. Crypto enthusiasts believe that this purchase could have resulted in Shiba Inu’s 300% rally.

Who is a Crypto Whale?

A Crypto Whale is basically a person who holds large amounts of Bitcoin. The amount these whales hold can have the capability to manipulate and impact the value of the currencies in the market.

The whales’ impact happens because of increasing volatility, decreasing the liquidity pool, or both. 

No one knows the creator of BTC crypto, but the amount held by accounts can guide us to a hypothetical conclusion. Some of the biggest suspected BTC whales include;

  • Satoshi Nakamoto- Nakamoto is a pseudonymous person or persons believed to have designed and launched Bitcoin. Many have guessed who the anonymous creator is. Some names include Craig Wright, Hal Finney, and Dave Kleiman, among others.
  • The Winklevoss Twins- Cameron and Tyler, are famous twins who invest and engage in entrepreneurial activities. The duo co-founded Gemini, a Crypto Exchange platform, in 2014. Currently, Gemini generates more than two hundred million daily. The twins own close to seventy thousand BTC and other digital currencies. 
  • Tim Draper- Tim is a venture capital investor based in the United States. In addition, the 63-year-old founded Draper Fisher Jurvetson and Draper University. 
  • Barry Silbert- Barry is the Chief Executive officer of the Digital Currency Group. A global enterprise that aids in building, investing in, and supporting other international companies. 

How it happens

When Bitcoin tokens sit dormant in an account for an extended period, it can heighten the volatile nature of prices. Whales transferring huge amounts of the held amount also leads to an increase in volatility.

It is basically a monkey see monkey do kind of situation. For instance, if the whale decided to exchange the amount with fiat currencies, the price of BTC would drop due to the small fish following the trend set by the big fish.

Conclusion 

Whales are individuals holding onto large amounts of Bitcoin. Just like in the ocean, the giant whales have an effect on the waters in which small fish swim. After the 74.9 million SHIB tokens purchase, the prices of SHIB might shift, so stay with us to get updated.

Also, visit our website for more Crypto-related news updates.


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