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Top Ethereum ($ETH) Whales Stockpile Over 56 Trillion Shiba Inu ($SHIB), Data Shows

Shiba Inu ($SHIB) tokens, the most valuable altcoin among these whale addresses, are amassed by the largest whales on the Ethereum ($ETH) blockchain, who own a staggering 56 trillion tokens worth more than $600 million.

According to data from whale monitoring service WhaleStats, the 2,000 largest whales on the cryptocurrency network currently hold $606.5 million worth of it. Polygon ($MATIC), which they hold for $167 million, is their second-largest holding after Ether and stablecoins.

Bitpanda’s $BESt token is the second-largest holding, followed by Chainlink ($LINK) and other significant digital assets such as SwissBorg (CHSB), a cross-crypto exchange app, Uniswap’s ($UNI) native token, and Decentraland’s $MANA. The Uniswap ($UNI) token is the third-largest holding. Another interesting holding is the native token of scaling solution Locus Chain ($LOCUS).

Shiba Inu has surpassed all other altcoins among the top 2,000 largest Ethereum whales prior to the eagerly anticipated launch of Shiba Inu’s layer-2 network Shibarium. According to CryptoGlobe, the network could be operational as early as May 2023. Shibarium’s ecosystem is designed to make it simple and quick to exchange SHIB and other tokens. It also burns SHIB with each transaction.

Shibarium’s native token, Bone ShibaSwap ($BONE), is used to cover gas costs and reward validators and delegators on the network. Shiba Inu announced the start of PUPPYNET, Shibarium’s early beta test, on March 11, 2023. Anyone can access PUPPYNET and test out Shibarium’s features and capabilities via a brand-new website.

Notably, SHIB has been under pressure from Voyager Digital, a defunct cryptocurrency lender that recently transferred trillions of tokens to the Nasdaq-listed cryptocurrency exchange Coinbase. Since February 14, Voyager has been sending assets to Coinbase on a regular basis. Voyager has transferred 2.24 trillion SHIB, or roughly $26 million, to Coinbase since then while still holding significant assets.

The average amount of time Coinbase users keep the meme-inspired cryptocurrency before selling it or moving it to an external address has surpassed the 230-day mark, indicating that most Shiba Inu investors do not intend to sell in bulk.

 

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