Shiba Inu (SHIB), the second-largest dog-themed cryptocurrency, continues to gain popularity among the largest Ethereum whales. A new breakdown of these top ETH holders reveals that SHIB is becoming widespread in terms of popularity.
According to WhaleStats, the tracker of holding activity among top Ethereum bag holders, the 5,000 largest Ethereum whales on record now hold 50,905,707,716,073 SHIB worth $735,034,573.
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This whopping number has made Shiba Inu become the second-largest altcoin holding among Ethereum whales, right behind the biggest stablecoin Tether (USDT).
The rise of SHIB is also reflected in the growing number of large whale transactions of the memecoin in recent weeks.
A good example of such huge movements played over the weekend when a mysterious whale moved 3,216,307,240,798 SHIB worth $47.6 million to a wallet of unknown origin.
🚨 🚨 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
SHIB’s explosive rise in popularity has been somewhat attributed to the hype on the project’s plans to launch a layer-2 protocol known as Shibarium.
The protocol will be similar to scaling solutions like Polygon (MATIC) in functionality, allowing people to launch custom tokens on top of Shiba Inu, with gas fees paid for in Bone ShibaSwap (BONE).
Read Also: Anon Shiba Inu Whale Moved 3.37 Trillion SHIB in One Transaction. Here’s the Destination
The project’s launch date is uncertain, although developers have said they expect to release a beta version in the near future.
SHIB has outperformed its main rival Dogecoin (DOGE) in the last month. SHIB has soared by 67% in the last 30 days, while Dogecoin (DOGE) is up by 23%.
At the time of filing this report, SHIB is trading at $0.00001409, with a relatively 3.4% price downtrend in the last 24 hours.
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