Ethereum Whales Increase Shiba Inu Holdings Following Robinhood Listing

The Shiba Inu listing on Robinhood has been one that has been in the works for a while. Although the trading platform had not said much regarding listing the meme coin, it was quite apparent that something would eventually give seeing the massive support that poured out for the listing on social media. Recently, Robinhood announced that it was listing the meme coin for trading on the platform and following this have been a lot of positive activities with regards to Shiba Inu.

Ethereum Whales Deepen Bet

Ethereum whales have always been among the top supporters of Shiba Inu. They have invested in the digital asset in droves, although the downtrend after it hit its all-time high last year affected how much of the tokens were held by these whales. Nevertheless, the saying goes that there is always a light at the end of the tunnel, and at the end of that proverbial tunnel is the Robinhood listing, which has sparked renewed interest in the digital assets.

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These whales have continued to increase their Shiba Inu bags with this new listing. Most notable have been the purchases of the Ethereum whale known as “BlueWhale0073”. BlueWhale0073 is the 12th largest ETH whale and had purchased 775,473,150,952 SHIB for a total of $20,697,378. 

Following in the same tracks was another ETH whale known as “Bombur.” Bombur is ranked as the 21st largest ETH whale by WhaleStats and on Wednesday, the whale bought 79,228,162,513 SHIB, which came out to a dollar value of $2,171,643 at the time of purchase. The whale did not stop there as they had subsequently purchased another 58,942,040,942 SHIB for $1,615,601. This had significantly pushed up the total SHIB holdings of these whales.

With these recent purchases and others that have followed the Robinhood listing, SHIB is now the biggest position by dollar value among the top 100 Ethereum. It has now surpassed rival FTX Token by more than $3 billion in terms of value held by these whales. They now hold a collective 533,607,836,476 SHIB tokens among them.

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How Shiba Inu Is Faring On The Charts

The meme coin Shiba Inu has not fared badly in the market at all. Quite the opposite in fact. The news of Robinhood announcing the listing of the digital asset had brought some much-needed momentum for the asset. This saw it rally more than 30% off the news alone.

SHIB recovers 30% on Robinhood news | Source: SHIBUSD on TradingView.com

Its price had touched as high as $0.00003, marking a new two-month high for the digital asset. The meme coin remains a long way from its all-time high but continues to hold up well in the market, trading at $0.00002743 at the time of this writing. 

Featured image from Analystics Insight, chart from TradingView.com