Ethereum’s big whales are holding Sheba
Asset analysis of Ethereum network cryptocurrency whales shows the increasing popularity of Shiba Inu (SHIB) among this segment.
According to Valex and quoted by Daily Hodl, the statistics of the Whalestats service, which monitors the activity of whales in various blockchains, show that the top 5000 addresses of the Ethereum network collectively own 50 trillion Shiba tokens, which is worth about 735 million dollars.
Thus, after Tether (USDT), Shiba is the second altcoin held by whales.
The increasing popularity of Shiba is evident in the increasing number of large transactions of this digital currency in recent weeks.
One of these transactions happened at the beginning of the week. An anonymous cryptocurrency whale made a transaction worth $47.6 million. The destination of this huge Shiba transfer was another unknown wallet.
Another factor behind Shiba’s rise in popularity is in part the buzz surrounding the project’s plans to launch its new layer two protocol, Shibarium.
This protocol will be similar in operation to scalability-enhancing solutions such as Polygon’s sidechain, allowing people to launch their own tokens on the network. Fees in this network are paid by BONE token.
The project’s launch date is unknown, but its developers have announced that they hope to release a beta version in the near future.
Shiba Inu’s price performance has outperformed its main rival, Dogecoin, over the past month. In the last 30 days, Shiba has increased in price by 67%, while this figure for Dodge was 23%.
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