Shiba Inu is the biggest token position by dollar value among the top 100 whale wallets.
As the launch of Shibarium Beta edges closer, deep-pocketed investors are showing significant interest in Shiba Inu. The massive adoption of Shiba Inu tokens by these high-net-worth investors has helped SHIB to become the biggest token position by dollar value among the top 100 Ethereum whales.
In a tweet today, leading cryptocurrency on-chain wallet tracker WhaleStats noted that Shiba Inu became the biggest token by dollar value among the top 100 Ethereum whales today by flipping Lido Staked ETH (stETH).
“JUST IN: SHIB has flipped stETH for biggest holding by dollars among top 100 ETH whales,” WhaleStats tweeted.
? JUST IN: $SHIB @Shibtoken has flipped $stETH for biggest holding by dollars among top 100 #ETH whales
Check the top 100 whales here: https://t.co/N5qqsCAH8j
(and hodl $BBW to see data for the top 5000!)#SHIB #stETH #whalestats #babywhale #BBW pic.twitter.com/DroCpfqbrQ
— WhaleStats (tracking crypto whales) (@WhaleStats) January 15, 2023
WhaleStats also shows that the top 100 Ethereum whales hold a combined 6,565,561 worth of Shiba Inu, which accounts for about 5.66% of their entire crypto holdings.
SHIB Is Now the Most Traded Token Among the Top 100 ETH Whales
It bears mentioning that WhaleStats also ranked the 16th-largest cryptocurrency by market capitalization, Shib as the most traded token among the top 100 Ethereum whales. The development will not surprise many, given the rising interest in Shiba Inu by these deep-pocketed investors.
TheCryptoBasic has kept track of a series of these hefty Shiba Inu accumulations. Last week, a new wallet amassed a whopping 3,323,256,285,484 (3.3 trillion) SHIB tokens valued at $30.4M at the time of the transaction. Notably, the transaction occurred when SHIB rallied over 25% in one week.
Meanwhile, whale interest in Shiba Inu has spiked due to a number of events reported in the past week. As reported, Binance took a whopping amount of the crypto assets out of circulation after staking 4T units of SHIB tokens. Furthermore, CoinGate bolstered Shiba Inu’s use as a payment method by entering into a partnership with the global SaaS platform Wix.
Shibarium Launch Drives Whale Adoption
While these factors have helped increase whales’ interest in Shiba Inu, the most significant reason whales are buying SHIB is the upcoming launch of Shibarium, the cryptocurrency’s upcoming Layer-2 network.
The Shiba Inu development team revealed today that it is about to launch Shibarium Beta. The team said it is close to adding the finishing touches to the much-anticipated L2 project. Shibarium is an integral part of Shiba Inu’s roadmap. The L2 network is expected to offer users fast, cheap, and more private transactions. The development team confirmed last week that Shibarium would reduce SHIB’s supply by burning the cryptocurrency via each transaction within the network.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
