One of the biggest whales in the Ethereum (ETH) market is investing heavily in the Dogecoin (DOGE) competitor Shiba Inu (SHIB), filling its bags to the brim with Shiba Inu. The blockchain tracking firm WhaleStats estimates that the enormous Ethereum whale presently holds more than 18 trillion tokens and has collected more than $225 million worth of SHIB. At the time of this writing, the whale, whose identity is not yet known, has invested 76% of his whole portfolio in SHIB.
This does not include the amount of his portfolio that comprises ETH. According to the data provided by CoinMarketCap, the whale in question is indeed the sixth-largest holder of SHIB and possesses 1.88% of the entire supply of the meme coin. The wallet of the wealthy investor also contains the Ethereum scaling solution Polygon (MATIC) and the decentralized oracle service Chainlink (LINK).
Ethereum Whales are Aggressively Accumulating Shiba Inu
Based on the data provided by WhaleStats, it appears that additional Ethereum whales are significantly allocating SHIB to their portfolios. Whalestats recently reported that, excluding stablecoins and ETH itself, SHIB has the largest holding among the top 1,000 Ethereum whales.
At the time of writing, SHIB was trading at $0.00001211, representing a year-to-date increase of approximately 50%. As the ecosystem prepares for the introduction of Shibarium, the proposed layer-2 solution that intends to provide scalability among other aspects, price movement and whale buildup of SHIB are taking place significantly.
Since the beginning of the year, Bone ShibaSwap (BONE), the token that will be used to purchase gas on Shibarium, has also experienced gains. Currently selling at $1.41, BONE is up 60% year-to-date. On the other hand, Shiba Inu creators teased the introduction of Shibarium earlier this month, but no particular release date has been announced.