ETH Whale Gimli Purchased 28 Billion SHIB As Price Stalls

Well-known ETH whale Gimli, purchased 28 billion SHIB for $1.2 million as the price of the meme coin stalls so let’s find out more today in our latest Ethereum news.

The pseudonymous ETH whale Gimli bought 28 billion SHIB for $1.2 million and the whale has a month-long history of stacking the meme coin which is now the 13^th biggest crypto by market cap. WhaleStats is a Twitter account that analyzes the movements of the richest 1000 ETH wallets turned out attention to the latest purchase of SHIB. Binance set exactly 28,236,296,316 SHBI to Gimli for $1,204,823. with the latest purchase, Gimli holds a stunning 1,281,667,671,716.74 for $53,977,897 and what’s more, Binance holds on its exchange 531,107,299,855.73 SHIB that is valued at $22,367,776.

The buyers should be quite varied on the front and though SHIB is a crypto token, it’s not really decentralized. According to the data from Coincarp, the top 20 SHIB addresses control about 70% of the token supply. WhaleStats ranks Gimli as the 246^th biggest ETH address and his address is 25% composed of SHIB that is much greater than his ETH balance. Gimli has been making huge purchases of the token since June and gained quite the notoriety for it.

SHIB is a spinoff meme coin known as the Dogecoin Killer but DOGE was originally created as a joke which later cemented itself as the top 20 cryptocurrencies. SHIB is amongst its ranks with a $23 billion market cap and it surpassed its parent dog-coin when it surged back in October. As one could expect, both SHIB and DOGE are speculative and they are heavily impacted by short-term market sentiment when influenced by Elon Musk. For example, DOGE copycat surged when the Tesla CEO revealed that he has a new pet dog Shiba Inu but then tanked when Musk announced that he did not personally own the coin. This week, SHIB got a slight price action but it managed to get listed on Kraken later last month.

As recently reported, Most of the Shiba holders are in profits while the number of holders crossed 1 million. The digital asset rallied to new highs a month ago which was the main catalyst for the increase in popularity. The downtrend followed fast behind the new all-time high but didn’t do much to discourage the investors from pouring their money into the dog-themed coin.