The price of Shiba Inu may soon rise. Although the token suffered a 90 percent drop in value during the bear market, the Ethereum whales continue to show great interest in SHIB.
During the downtrend, billions of dollars of SHIB purchases were made. The well-known whale named Gimli added a whole 386 billion shiba inu to his account earlier this week.
Possible reasons for the investments
So where does the renewed interest in SHIB come from? Perhaps the foray into the metaverse could be one reason for this. The developers of Shiba Inu reported last week on the progress of their Metaverse and GameFi projects. As a result, some explanations about the game, which is being developed under the direction of game designer William Volk, could be revealed in the coming days.
A picture of BeInCrypto.com
Gimli continues to accumulate Shiba Inu
Gimli is one of the 10 richest Ethereum whales and is buying more and more SHIB tokens with the downward trend. WhaleStats tracks wallet addresses on-chain: According to the platform, the whale, along with another one, bought a total of 533 billion tokens ($3.5 million).
Gimli alone bought 386 billion tokens, while the other whale called BlueWhale0159 added 147 billion tokens to its wallet.
Tweet from Whalestats.com
SHIB remains the altcoin most accumulated by the richest Ethereum investors. Furthermore, whales also hold coins such as FTT, MANA and MATIC.
Despite the huge investments and updates to the game, SHIB Coin lost 12 percent of its value this week. The token is listed on exchanges such as Robinhood, Binance and Coinbase and has a value of $0.000010 at the time of writing this article.
SHIB is not the only coin of interest
Ethereum whales also accummulated APE Coin, GALA and SLP this week. The whales showed particular interest in the Otherside Metaverse, which has been open to landowners for two weeks. As a result, ApeCoin rose to $ 7. However, after the last correction, the price fell back to $ 5.54.
GALA attracted at the same time as ApeCoin, reaching a value of $ 0.60. At the last correction, the token then dropped back to $ 0.48. The cryptocurrency recorded one of the largest drops in value during the bear market. Although the market value of GALA was in the top 50 for a while, the coin now occupies only 111th place.
The SLP token from the Axie Infinity Metaverse rose 3 percent this week to $0.0040.
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