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Major Ethereum Whale Fills Its Bags Full of Shiba Inu as It Buys over $225M in SHIB

Mushu Butt by Mushu Butt
January 24, 2023 - 5:38 am
in ethereum news, altcoins news, sticky
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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.

Tags: AltcoinsCryptocurrencyETHEthereumMarketSHIBShibaInu
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Mushu Butt

Mushu Butt

Mushu Butt is an experienced freelance content writer. His focus is primarily on blockchain technology and cryptocurrency. One might even refer to him as a "blockchain enthusiast." He has been following advancements in the crypto and blockchain area for several years, researching and writing his insights in the media.In addition to being a skilled content writer, Mushu is also knowledgeable in SEO and digital marketing. He aspires to succeed as a content creator in the digital realm, dealing with customers in the finance and tech industries to generate traffic through engaging taglines and content. Mushu enjoys traveling, reading, and playing cricket when he is not writing. He now works as a news and article writer for Blockchainreporter.

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