Whales Are Increasing Their Activity By Accumulating Shiba Inu (SHIB) And Gnox Token (GNOX)

2 years ago 124

The post Whales Are Increasing Their Activity By Accumulating Shiba Inu (SHIB) And Gnox Token (GNOX) appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

Despite the current market downturn, many big-hitters in the crypto world are increasing their holdings. Some believe this could be the time to “buy the dip”. While nobody knows how long this bear market will continue for, that whales are increasing their holdings of certain coins could be good news for the industry. These whales can afford to wait out short-term variance and hold their coins for long-term gains. And that’s why we’re still bullish on altcoins, the underlying tech and future use possibilities are huge, regardless of weekly swings.

So why are whales increasing their holdings of SHIB and GNOX?

SHIBA INU (SHIB)

SHIBA is probably the best-known “meme-coin” out there. It has experienced stratospheric rises over the last year or so. Some market commentators wonder why, as this coin has arguably been built on social media fame rather than real-world use. But nonetheless, SHIB has managed to stay relatively stable after some losses, when compared to other coins that have been taking huge hits in this bear run.

And SHIBA recently announced rewards for users who want to burn their coins. Token burns can be useful in helping limit supply and therefore drive future prices. Billions of SHIB tokens have already been burned. Will this burn of tokens and current coin price consolidation lead to even more gains for SHIBA Inu?

Gnox Token (GNOX)

Another token that’s been rising in demand in recent weeks is GNOX. Gnox sits as the governance and staking token for the wider Gnox ecosystem, and it’s got a lot of people talking in the crypto world.

Gnox also plans to burn billions of coins across three pre-sale stages. Pre-sale was recently extended because demand is so high. Having already surged over 52% in price, with some of those price rises down to whales getting involved—the future looks great for GNOX both in the short and long term.

And Gnox has tons of reasons to get involved beyond short-term price rises. It’s the only crypto project that offers yield farming as a service, aiming to democratize investment opportunities and put them in the hands of both regular and institutional investors. Those investors have often been put off by some of the complications surrounding DeFi investment strategies but still want to get good passive income returns. With Gnox, they can.

Whales are picking up both SHIB and GNOX for good reason. Could they be a great addition to your portfolio too?