A SHIBA INU investor added 142.6 billion SHIB tokens to their portfolio over the weekend, helping boost the cryptocurrency amid the market downturn.
A crypto whale – the term used to describe investors who hold a large amount of a digital currency – exchanged the huge sum of money on Saturday.
“BlueWhale0073” as they are known, added the extensive investment to their already bulging portfolio for $1,539,417.
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Data from crypto analysts IntoTheBlock suggests there are 14 whales who have invested in Shiba Inu at present.
In total, they own 69 percent of all SHIB tokens currently in circulation.
A number of large transactions of Shiba Inu – usually calculated as trades worth more than $100,000 – helped to stabilise the price of the coin over the weekend.
They helped stop the rot and create the conditions for a turn around in the market.
On May 9, the cryptocurrency market crash, with billions in value being wiped off digital tokens.
The rapid decline led to a more than 30 per cent drop in the price of SHIB in a 24 hour period.
Plunging prices have largely stabilised since then, with the rate of decline vastly reduced.
However, the markets have shown some small signs of recovery today.
Shiba Inu is up more than four per cent today, almost regaining the losses seen over the past week.
Bitcoin, Ethereum, DogeCoin and a number of other cryptocurrencies have also stared to rebound over the past 24 hours.
Analyst though, have warned investors not to get overly excited about the price rises.
They have described today’s movement as a “relief rally”, saying that the uptick will be relatively small.
