Crypto whale scooped up 50 billion shiba inus as the coin collapsed this week | Currency News | Financial and business news

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A crypto whale picked up 50 billion shiba inu coins worth $ 1.8 million on Thursday as it continued to tumble. Shiba inu has fallen 17% in the past seven days alongside a broader sell-off in cryptocurrencies. On Tuesday, another large holder purchased nearly 100 billion pieces of shiba inu. Sign up here for our daily newsletter, 10 things before the opening bell.

An Ethereum whale bought nearly $ 1.8 million worth of shiba inu as the dogecoin-inspired coin slipped this week in a massive digital currency sell-off.

The whale – a popular term for a large holder – bought 50 billion coins on Thursday even, according to data from Whalestats, which tracks activity in Ethereum’s 1,000 largest wallets.

This brought the total holdings of the Jiraiya wallet to 1.67 trillion shiba inu, valued at $ 59.6 million.

This follows another big bet on the shiba inu on Tuesday, when another whale scooped nearly $ 100 billion worth $ 3.5 million, this time on the Binance Smart Chain.

Shiba inu has fallen about 17% in the past seven days and 2.9% in the past 24 hours to $ 0.00003524, according to data from CoinMarketCap.

Digital currencies have plummeted as fears over the Omicron coronavirus variant detected last week rocked asset markets. Over the past seven days, the leading cryptocurrency bitcoin has lost 12.9% and the second-place ether, the native token of the ethereum network, has fallen 9.1%.

Crypto investors brace for a stronger dollar if U.S. inflation continues to soar. On Friday, official data showed the consumer price index rose 6.8% year-on-year, its highest level since 1982.

Shiba inu is in the hands of a few big investors. Its largest whale holds more than 410 trillion coins, or 41% of its total supply, according to data from CoinMarketCap.

The recent movements of shiba inu whales have caused cryptocurrency to soar and tumble due to their dominance in the market.

In November, the coin itself fell 21% after a large holder withdrew $ 2.3 billion from wallets, raising concerns that the coins would sell and push the price down sharply.

A month earlier, the shiba inu had climbed 22% to a new record high, after another whale bought 276.6 billion coins, worth around $ 11.5 million.

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