Friday, April 12, 2024
HomeCryptocurrencyEthereum Whales Purchase 51 Trillion SHIB to Make Shiba Inu the 2nd-Largest...

Ethereum Whales Purchase 51 Trillion SHIB to Make Shiba Inu the 2nd-Largest Altcoin Holding

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.

Whale Alert

Read Also: Shiba Inu Set for Fresh Meteoric Price Surge? Here’s How Shibarium Brightens SHIB Fundamentals

This whopping number has made Shiba Inu become the second-largest altcoin holding among Ethereum whales, right behind the biggest stablecoin Tether (USDT).

Ethereum Whales Purchase 51 Trillion SHIB to Make Shiba Inu Become 2nd-Largest Altcoin Holding
Source: WhaleStats

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.

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.


Follow us on Twitter, Facebook, Telegram, and Google News

Solomon Odunayo
Solomon Odunayo
Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.
RELATED ARTICLES

Latest News & Articles