3 months ago 2 min read

Shiba Inu Stockpiled By Top Ethereum Whales At Over 56 Trillion, Evidence Reveals

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Shiba Inu ($SHIB) tokens, the greatest altcoin holding among these whale addresses, are accumulated by the wealthiest whales on the Ethereum ($ETH) network, who have a staggering 56 trillion tokens worth over $600 million.

The 2,000 greatest whales on the network of the cryptocurrency currently have $606.5 million worth of it, as per statistics from whale monitoring firm WhaleStats. Their next-largest holdings, excluding Ether and stablecoins, are Polygon ($MATIC), which they hold for $167 million.

The third highest position is in Bitpanda's $BESt token, which is followed by Chainlink ($LINK) and other significant digital assets including SwissBorg (CHSB), the cross-crypto exchange app, the native token of leading decentralized exchange Uniswap ($UNI), and Decentraland's $MANA.

Before to the eagerly anticipated debut of Shiba Inu's layer-2 network Shibarium, Shiba Inu has surpassed all other altcoins among the top 2,000 largest Ethereum whales. In line with CryptoGlobe, the network might go live as soon as May 2023. Shibarium is made to make it easy and quick to exchange SHIB and other tokens inside its ecosystem. With every transaction, it also burns SHIB.

Bone ShibaSwap ($BONE), the native token of Shibarium, is used to cover gas costs and reward validators and delegators on the network. Shiba Inu announced the beginning of PUPPYNET, the early beta test of Shibarium, on March 11, 2023. Using a brand-new website, anyone may visit PUPPYNET and test out Shibarium's features and capabilities.

Importantly, Voyager Digital, a defunct cryptocurrency lender that recently sent trillions of tokens to the Nasdaq-listed cryptocurrency exchange Coinbase, has been exerting selling pressure on SHIB.

Voyager has been routinely delivering funds to Coinbase since February 14. Since that time, Voyager has transferred 2.24 trillion SHIB, or roughly $26 million, to Coinbase while still holding a significant amount of assets.

The typical amount of time customers on Coinbase keep the meme-inspired cryptocurrency before selling it or moving it to an external address has reached the 230-day threshold, indicating that most Shiba Inu investors don't intend to sell in bulk.

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