An Ethereum whale, one of the biggest, in fact, has just swooped in to add 28 billion Shiba Inu tokens, worth over $1.1 million (roughly Rs. 8.81 crore) to a portfolio that now holds over 1.2 trillion tokens alone. The whale wallet, dubbed ‘Gimli’ began buying adding SHIB tokens back in June and has since accumulated a sum that is worth $56 million (roughly Rs. 422.4 crore). Shiba Inu’s value has dropped more than 45 percent over the past 30 days, but whales, like ‘Gimli,’ have consistently bought the dip and the Dogecoin rival soars in mainstream popularity.

The movement, noted by WhaleStats on Twitter, shows that ‘Gimli’ has been particularly active in accumulating SHIB tokens lately. The anonymous whale had previously purchased another big chunk of 24.8 billion SHIB tokens valued at $1 million (roughly Rs. 7.54 crore).

A separate WhaleStats alert shows that the top 1000 Ethereum wallets now hold more than 47,624 billion SHIB tokens worth over $1.7 billion (roughly Rs. 12,821.78 crore). Over the last week of November alone, the top 100 Ethereum wallets holding SHIB saw a whopping 42.7 percent increase in accumulation within a day’s trade, clearly highlighting the potential whales see in SHIB.

Data from Whalestats also show that the biggest Ethreum whales on record have been moving their attention toward play-to-earn gaming projects like Decentraland and Gala, which is also an Ethereum-based metaverse altcoin that has surged in value after a recent listing on Coinbase.

That said, the continued interest from whales hasn’t helped SHIB’s value, which has fallen considerably over the past month. The coin has plummeted by more than 50 percent since its all-time high of $0.00008845 (roughly Rs. 0.0067) in October when it briefly managed to surpass the market cap of rival meme crypto Dogecoin.

One person who doesn’t quite agree with the rise in popularity of meme coins is Jordan Belfort, the former Wall Street trader and notorious public figure who believes that the likes of Dogecoin and Shiba Inu are a complete hoax and thinks that their founders should be imprisoned.

The real “Wolf of Wall Street”, a nickname that Jordan Belfort earned after stealing thousands of dollars in fraudulent stock sales, considers himself a cryptocurrency market enthusiast but does not support tokens with a system that loses money. Belfort, now a motivational speaker, specifically states in an interview said he is a fan of blockchain technology “but there’s a lot of nonsense out there”.