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The dogecoin-inspired coin slid this week during a wider sell-off in digital currencies, as an ethereum whale purchased close to $1.8 million worth of shiba inu.
The whale, a popular term for a big holder, bought 50 billion meme coins on Thursday, according to data from Whalestats.
The total holdings of the wallet were worth $58.6 million.
On Tuesday, another whale won close to 100 billion on the Binance Smart Chain for $3.5 million.
Over the past seven days, Shiba inu has fallen about 17% and is currently down 2.9%.
The Omicron coronaviruses variant was detected last week and has roiled asset markets. Over the past seven days, the leading cryptocurrencies have lost a lot of money.
If US inflation continues to go up, investors in cryptocurrencies are bracing for a stronger dollar. The Consumer Price Index rose 6.8% in the year to Friday, its highest level in more than 30 years.
A few big investors are holding on to Shiba inu. Its biggest whale holds over 410 trillion of the coin, which is 41% of its total supply.
The shiba inu whales have driven the price of the coin up and down.
The meme coin fell by as much as 21% in November after a big holder moved their money out of their wallet.
Shiba inu hit a new record high after another whale bought 276.6 billion coins.
Business Insider has an original article.
