Over the course of only 10 days, a mystery Shiba Inu ($SHIB) whale added over 384 billion SHIB to its wallet, bringing its total holdings of the meme-inspired cryptocurrency to almost $255 million.
Data from the Ethereum blockchain indicates that the whale presently has 19.4 trillion tokens in its possession. Data from the blockchain interface Zerion reveals that the whale hasn’t been selling while progressively increasing his holdings of Shiba Inus via a series of transactions.
According to blockchain statistics, $SHIB is the whale’s second-largest cryptocurrency holding behind $ETH, the native token of Ethereum, which the whale has in the amount of approximately $300 million. SHIB the whale is followed by Polygon ($MATIC) ($60 million), Chainlink ($LINK), ($15 million), Compound ($COMP), and $UNI ($5.6 million). Avalanche network $AVX worth $16.8 million belongs to the whale as well.
Before to the anticipated release of the project’s layer-2 scaling solution Shibarium, CryptoGlobe announced that the overall number of addresses holding onto the meme-inspired cryptocurrency SHIB on Ethereum had just topped 1.3 million.
The median amount of time customers on Coinbase keep the meme-inspired cryptocurrency before selling it or transferring it to an external address has crossed the 230-day mark, indicating that Shiba Inu investors aren’t going to sell in large quantities.
Prior to the anticipated release of Shibarium, a layer-2 solution that intends to enhance the Shiba Inu ecosystem by delivering speedier transactions at a reduced cost, among other significant enhancements, the number of Shiba Inu owners has been increasing. Yet, there are still a number of unanswered issues about the use and release of Shibarium.
In order to perform transactions on the Shibarium ecosystem, Shibarium will collaborate with Ethereum. Processing it on the Shibarium chain will need a significant portion of the transaction load the Shiba Inu ecosystem now places on Ethereum.
The layer-2 will also remove tokens from circulation in order to restrict supply and support price growth. Sending tokens to wallets that can only receive tokens but not send them, also known as Dead Wallets, is referred to as a token burning method. Shibarium will use $BONE instead of $SHIB as payment for transactions.
