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SHIB: Whales buy Shiba Inu for $386bn despite bear market



 Shiba Inu price could rise soon. Although the token suffered a 90 percent drop in value during the bear market, Ethereum whales continue to show keen interest in SHIB.


Billions of dollars in SHIB purchases were made during the downtrend. The well-known whale named Gimli added as much as 386 billion Shiba Inu to his account earlier this week.


Possible reasons for the investments

So where is the renewed interest in SHIB coming from? Perhaps the advance into the Metaverse could be a reason for this. The developers of Shiba Inu reported on the progress of their Metaverse and GameFi projects last week. As a result, some explanations of the game, which is being developed under the direction of game designer William Volk, could be revealed in the coming days.


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 downtrend. WhaleStats tracks wallet addresses on-chain: According to the platform, the whale bought a total of 533 billion tokens ($3.5 million) along with one other.


Gimli alone bought 386 billion tokens while the other whale named BlueWhale0159 added 147 billion tokens to his wallet.

SHIB remains the most accumulated altcoin by the wealthiest Ethereum investors. In addition, whales also hold coins such as FTT, MANA and MATIC .


Despite the big investments and updates to the game, SHIB Coin lost 12 percent in value this week. The token is listed on exchanges such as Robinhood, Binance, and Coinbase and is valued at $0.000010 at the time of writing.


SHIB isn't the only coin of interest

Ethereum whales also accumulated APE Coin, GALA, and SLP this week. The whales have shown particular interest in the Otherside Metaverse, which has been open to landowners for the past two weeks. ApeCoin rose to $7 as a result. However, after the last correction, the price fell back to $5.54.


GALA surged in tandem with ApeCoin, hitting $0.60. The token then fell back to $0.48 during the last correction. The cryptocurrency saw one of the biggest falls in value during the bear market. Although GALA's market value was in the top 50 for a while, the coin now ranks only 111th.


The SLP token from the Axie Infinity Metaverse is up 3 percent this week at $0.0040.


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