SHIB Now Owned by Biggest Ethereum Whales in the World

According to the blockchain tracking service WhaleStats, Shiba Inu (SHIB) is now the largest altcoin held by the 500 largest whales on the Ethereum (ETH) network.

Over $606.3 million in SHIB, which is equivalent to about 54 trillion tokens at the current price, is in the wallets of wealthy investors.

WhaleStats says that the whales’ SHIB holdings are far greater than their other altcoin positions.

The Ethereum scaling solution Polygon (MATIC), which is the second largest altcoin held by whales after SHIB, is currently $440 million behind SHIB.

Several “whales” of Ethereum have been seen buying up Shiba Inu quickly over the last few months. This is because the Dogecoin competitor’s ecosystem is getting ready for the launch of Shibarium. A layer-2 scaling project that will make the network run more smoothly.

Late last year, an unidentified wallet started quickly collecting SHIB. It now has the most SHIB of any unknown address.

And last week, Etherscan found a “crypto whale” who got 118,058,494,947 SHIB, worth $1.34 million, in one day.

SHIB had a very fast start to the year. On January 1, it was worth $0.00000814. On February 4, it was worth $0.00001549, which is a 90% increase.

Since then, it has gone back down, and at the time this was written, SHIB was trading at $0.00001117.