Big News for SHIB: Whales Charge!

VALR, a Pantera Capital-backed cryptocurrency exchange, is adding a new SHIB parity. The biggest Ethereum whales meanwhile swallowed the $150 million SHIB.

Crypto exchange VALR to list new SHIB pair

VALR is a cryptocurrency exchange backed by American hedge fund Pantera Capital. The exchange announced that its users will be able to trade the USDC (USDC) stablecoin for the meme coin Shiba Inu (SHIB) in the coming weeks. On August 16, VALR will add support for ETH/USDC and BNB/USDC trading pairs. In the near future, XRP will also allow trading with Solana (SOL) and Avalance (AVAX) against the second largest stablecoin.

SHIB

The South African-based cryptocurrency trading platform went live again in 2019. Earlier in March, it raised $50 million, marking its largest funding round to date. With around a quarter million users, VALR currently has a valuation of around $240 million. By the way AmkNews.comAs you follow, OKX, one of the largest cryptocurrency exchanges, added support for SHIB/USDC and several other trading pairs in May.

Biggest 1,000 ETH whales swallow $150 million SHIB

WhaleStats, which monitors the transactions and positions of Ethereum holders, has shared new whale movements. The top 1,000 ETH whales have placed over $150 million in SHIB tokens in their portfolios, WhaleStats reported. SHIB accounts for 4% of the total portfolio size of this investor group. Apart from Ethereum, SHIB was the most purchased token by whales. It is followed by BitDAO (BIT) and FTX Token (FTT).

Meanwhile, the share of Ethereum whales in stablecoins is 40%. This gives a very clear view of the attitude of this group of investors towards the current situation in the crypto market.

10% of SHIB supply is in the hands of ETH whales

AmkNews.com As we previously reported, the top 2,000 Ethereum holders hold more than 10% of the SHIB supply. That’s the equivalent of $660 million. Using new data from WhaleStats, it’s easy to see that the largest share of the $450 million SHIB is concentrated in the hands of the first 2,000 ETH whales.

It is difficult to say whether such a large concentration of SHIB in the hands of a group of investors poses a threat. However, experts see this situation as quite positive in terms of price. According to experts, the fact that the whales have accumulated SHIB shows that big players believe in the project. Therefore, they are not afraid to bet their money on him. Also, experts note that such behavior could be evidence that ETH whales believe SHIB is near their low price threshold. For this reason, they record that they think it is safe enough to gather here.

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Larry Brown

I graduated from Yale University, Department of Television. I have been a professional news writer for 3 years. I am continuing my career here by establishing amknews.com site 3 months ago.