Shiba Inu Becomes the Second Largest Altcoin Holding Among Ethereum Whales
Meme coin Shiba Inu (SHIB) has become one of the most popular altcoins among Ethereum whales.
Recent data reveals the increased popularity of SHIB among Ethereum whales who are accumulating tokens at an incredible pace.
The top 5,000 Ethereum whales hold roughly $735 million in SHIB, according to WhaleStats, which makes the meme coin their second largest altcoin holding after Tether (USDT)
🚨 🚨 3,216,307,240,798 #SHIB (47,671,033 USD) transferred from unknown wallet to unknown wallethttps://t.co/skiRABtAZP
— Whale Alert (@whale_alert) February 4, 2023
The cryptocurrency space has seen a growing number of large SHIB transactions over the past few weeks, as the top ETH holders see the potential in keeping the coin in their portfolios.
One address moved SHIB worth $47.6 million this weekend to an unidentified wallet.
READ MORE: Aptos (APT) Gaining Steam – Could the Altcoin Have More Potential Than Solana?
This accumulation phase could be attributed to the plans to launch Shibarium – an L2 protocol that allows users to launch custom tokens on the Shiba Inu blockchain.
Developers expect the release of Shibarium’s beta version soon.
At the time of writing SHIB is trading at $0.00001413 after a 2.7% decline in the past 24 hours. In the past 30 days SHIB gained over 20% riding the bullish wave that came through the crypto space at the beginning of January.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
