54,308,468,786,386 Shiba Inu (SHIB) Now in Hands of World’s Largest Ethereum Whales

Shiba Inu (SHIB) has cemented its status as the largest altcoin holding among the 500 biggest whales on the Ethereum (ETH) network, according to the blockchain tracking service WhaleStats.

Over $606.3 million in SHIB, representing about 54 trillion tokens at current prices, are sitting in the deep-pocketed investor’s wallets.

According to WhaleStats, the whales SHIB holdings outweigh their other altcoin positions by a vast margin.

Ethereum scaling solution Polygon (MATIC), the second biggest altcoin holding among the whales, currently trails SHIB by nearly $440 million.

“The top 500 ETH whales are hodling:

$606,354,054 SHIB
$166,807,633 MATIC
$155,922,150 BEST
$146,459,691 LINK
$131,748,690 CHSB
$95,129,958 UNI
$70,172,580 LOCUS
$68,858,117 MANA”

A number of Ethereum whales have been spotted rapidly accumulating Shiba Inu over the last several months as the Dogecoin rival’s ecosystem gears up for the launch of Shibarium, a layer-2 scaling project meant to make the network more efficient.

Late last year, a wallet that has yet to be identified began rapidly accumulating SHIB, and is now the single largest unknown address holding SHIB.

And last week, the wallet tracking platform Etherscan identified a large crypto whale who received 118,058,494,947 SHIB worth $1.34 million in one day.

SHIB had an explosive start to the year, rising from $0.00000814 on January 1st to a high of $0.00001549 on February 4th – representing a 90% increase.

It has since retraced and at time of writing, SHIB is trading at $0.00001117.

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Featured Image: Shutterstock/Andi syaputra/LongQuattro