Apparently, Shiba Inu is losing almost 90% of its bear market value. Still, it attracts the attention of Ethereum whales. In fact, during the downtrend, Whales invested billions of SHIB tokens. Gimli, a well-known whale, invested 386 billion of Shiba Inu.
What motivates Gimli to invest in SHIB
The primary reason that motivates Gimli to invest in Shiba Inu is the progress on the projects GameFi and metaverse. The developers aim to improve the projects intended for the game. Gimli is included in the top 10 richest Ethereum whales. Despite the downtrend, it continues to invest in SHIB tokens. WhaleStats revealed that two whales purchased 533 billion tokens amounting to $3.5 million. Gimli took 386 billion tokens and BlueWhale0159 took 147 billion tokens.
Many wealthy Ethereum investors are collecting SHIB and other tokens, including Polygon (MATIC), Decentraland (MANA), and FTX Token (FTT). However, Shib coin still losing almost 12% this week despite of the updates on games and whale purchases.
Will SHIB reach $1?
Many investors are wondering if SHIB will reach $1. Several data should be considered for SHIB to reach $1. The total supply of Shiba Inu is 589.6 trillion tokens. To reach the $1 price, SHIB should have $589.6 trillion market capitalization. If it happens, SHIB would be considered as the most valuable asset globally surpassing Apple.
The current trading price of SHIB is $0.00001235, with $7.3 billion total market capitalization. Recently, SHIB introduced the Burn Visa card, and almost 12.6 million tokens were burned within 24 hours. Thus, the approximate number of tokens burned a year is 4.59 billion. Considering the number of tokens to be burned, it would take approximately 128,000 years before SHIB would reach $1.
Another initiative that SHIB has undertaken is its partnership with a restaurant in Italy, named Welly’s. This restaurant uses blockchain technology to run the business. It means that Shiba Inu holders can use the token as payment when they dine in the restaurant.
Considering all the collaborations of SHIB with other companies in the industry would mean a golden opportunity for many investors. The price movements of many major cryptocurrencies were affected by the crypto bear market. Many digital assets have been experiencing a downturn including Shiba Inu. But many are expecting that SHI will serve as the new lifeline to improve the market dominance of Shiba Inu. Only time can tell if it can help to attract more investors to invest in this meme coin.
