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Shiba Inu Becomes the Second Largest Altcoin Holding Among Ethereum Whales

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)

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.

Author
Alexander Stefanov - Editor-in-Chief at Coinspress
Alexander Stefanov

Reporter at CoinsPress

Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.

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