Shiba Inu (SHIB) Emerges As ETH Whales Top Choice

Shiba Inu, the second most popular meme cryptocurrency, has been making headlines since the beginning of 2023. This newfound momentum has been triggered by the wealthiest Ethereum whales. According to a crypto whale tracker, ETH whales have emerged as one of the largest holders of Shiba Inu, holding up to $651,269,941 SHIB.

Ethereum whales hunt massive gains in Shiba Inu

As per the data of WhaleStats, the 500 largest ETH whales on record now hold a staggering $651,269,941 SHIB. This happened after an ETH whale “BlueWhale0073” bought 223,077,962,531 Shiba Inu tokens (worth $2,755,012).

This meme cryptocurrency has gained massive popularity after witnessing a massive price surge in the past thirty days. Though at present, Shiba Inu’s price is hovering at $0.0000124, down 0.53% in the last 24 hours, it has gained more than 23% in the past four weeks. Shiba Inu has also managed to outperform its main rival Dogecoin (DOGE) which was down by 3.35%.

Does the Shibarium Launch have a role in it?

The planned launch of the Shibarium layer-2 solution could spark wider adoption of the meme coin. As Shiba Inu is built on top of the Ethereum blockchain, its gas fees have been much higher than anyone would like. With Shibarium, the transaction fees for SHIB should be much lower than they are now. And if we go by the words of Shytoshi Kusama, lead developer of Shiba Inu, people will not celebrate when the Shibarium Beta launches. Instead, they will consider building projects to enhance the network. Shytoshi added that instead of celebrating, users will connect, build, and work together to strengthen the L2 platform.

Also Read: Top 5 Meme Coins Outperforming Dogecoin (DOGE) in 2023

Disclaimer: The information provided in this article is solely the author’s opinion and not investment advice. The whole purpose of this piece of work is to educate and provide information about what is trending in the crypto space. Anyone planning to invest in crypto assets should seek his or her own independent financial or professional advice.