Why Ethereum Whales Are Buying Shiba Inu Hand Over Fist

Give the dog its due: Shiba Inu (CRYPTO: SHIB) has had some good news in recent days. And some of the credit goes to deep-pocketed Ethereum (CRYPTO: ETH) whales. These whales hold large amounts of Ether tokens but scoop up other cryptocurrencies at times as well.

Last week, Shiba Inu even regained its status as the largest holding other than Ether for the biggest Ethereum whales. Although USDCoin (CRYPTO: USDC) later jumped back into the top spot, this was a notable achievement. So why are Ethereum whales seemingly buying Shiba Inu hand over fist?

First, it's appropriate to put the current buying levels into perspective. The expression "hand over fist" originally referred to making progress in climbing a rope. That's probably the best way to view the current scenario: incremental progress.

Continue reading

Source Fool.com