The largest whales on the Ethereum ($ETH) blockchain have stockpiled an astounding 56 trillion Shiba Inu ($SHIB) tokens worth over $600 million, making it the largest altcoin holdings among these whale addresses.
According to data from whale monitoring service WhaleStats, the 2,000 largest whales on the cryptocurrency’s network now hold $606.5 million worth of the meme-inspired cryptocurrency, with their next largest holdings excluding Ether and stablecoins being Polygon ($MATIC), of which they hold $167 million.
The next largest holding is in Bitpanda’s $BESt token, and is followed by Chainlink ($LINK) and other major digital assets including SwissBorg (CHSB), the cross-crypto exchange app, the native token of leading decentralized exchange Uniswap ($UNI) and Decentraland’s $MANA. Another notable holding is the native token of scaling solution Locus Chain ($LOCUS).
Shiba Inu has become the top altcoin holding among the 2,000 largest Ethereum whales ahead of the highly anticipated launch of Shiba Inu’s layer-2 network Shibarium. The network, as CryptoGlobe reported, could launch as early as May 2023. Shibarium is designed to enable fast and cheap transactions for SHIB and other tokens in its ecosystem. It also burns SHIB with every transaction.
Shibarium’s native token is Bone ShibaSwap ($BONE), which is used to pay for gas fees and reward validators and delegators on the network. On March 11, 2023, Shiba Inu announced the launch of PUPPYNET, which is the early beta test of Shibarium. Anyone can access PUPPYNET through a new website and experiment with Shibarium’s features and functionalities.
Notably, SHIB has been facing selling pressure from bankrupt cryptocurrency lender Voyager Digital, which has sent trillions of tokens to the Nasdaq-listed cryptocurrency exchange Coinbase over the last few weeks.
Since February 14, Voyager has been sending assets to Coinbase regularly. Voyager has transferred 2.24 trillion SHIB, worth about $26 million, to Coinbase since that date, while still holding a large amount of assets.
Most Shiba Inu investors have shown they aren’t planning on selling en masse, as the median time that users on Coinbase hold onto the meme-inspired cryptocurrency before either selling it or moving it to an external address has surpassed the 230-day mark.
Featured image via Unsplash.