Whales stock up on Shiba Inu as they wait for the start of Altseason
Last Updated on 6 November 2023 by CryptoTips.eu
After years of continuously writing daily crypto articles, there comes a time when you look at an article title and think: maybe you need to explain this one. To the average diehard crypto fan the title above this piece is probably quite logic, but here’s the explanation for the amateurs among us.
If you are a professional, skip the next three paragraphs. If you would like to learn something, just read on.
Whales is a term used for major investors in crypto. You have Bitcoin whales and Ethereum whales. There are many well-known names that are Whales, such as Binance CEO Changpeng Zhao, Coinbase CEO Brian Armstrong and, until recently, Sam Bankman-Fried of the now bankrupt FTX platform. They possess large stashes of Bitcoin, Ethereum or any other major coin.
The government of Bulgaria is also a real Bitcoin whale as they found 200,000 Bitcoin during customs checks and now own more crypto than gold.
Ethereum whales accumulate staggering $422,000,000 of Shiba Inu in less than one week.— whalechart.org (@WhaleChart) January 22, 2023
Are you into memecoins?
Shiba Inu is a memecoin just like Dogecoin and many others. Shiba was founded during the previous crypto bull run of 2020-2021 and made many people very wealthy. Watch out, because they naturally fall just as fast as they rise.
Altseason, lastly, is the period that usually follows a strong Bitcoin rally. After the rise of Bitcoin is noticed in the global press, an inflow of new investors into the crypto world usually follows and most of them buy different coins, not just Bitcoin or Ethereum.
Ethereum whales accumulate staggering $422,000,000 of Shiba Inu in less than one week. 😳— The greatest 👑 (@hiddenjet) January 22, 2023
In summary, we can say that we are seeing more and more mentions on social media lately saying that Whales are expecting a new Altseason.
Since Shiba Inu’s price is very low (i.e. you can buy a lot of them), they are currently buying Shiba en masse as they expect it to skyrocket soon.
We don’t know if it’s all true, but if Bitcoin does indeed make the jump to $30,000 within a few weeks as some analysts predict, you can bet that the term Altseason will be very trendy during those days.
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