The biggest Ethereum (ETH) whales in existence are eyeing up Dogecoin (DOGE) rival Shiba Inu (SHIB), according to on-chain data.
Keeping track of the 500 biggest whales on the Ethereum network, blockchain tracker service WhaleStats says that SHIB is the third largest holding among the cohort, excluding stablecoins and staked Ether (stETH).
“The top 500 ETH whales are hodling
The apparent accumulation of SHIB by the biggest Ethereum whales comes as its community anticipates the launch of Shibarium, the ecosystem’s proposed layer-2 chain aimed at addressing the low transaction speed of Shiba Inu’s host chain Ethereum
The pseudonymous developer known as Shytoshi Kusama told his 864,000 Twitter followers last month that Shibarium will be arriving “very soon.”
“Happy Holidays to more than half the world. When Shibarium? Please know it will come very soon*, but not during a crucial time for people to spend with their family (or the resulting New Year’s party time). Enjoy these next days. Next year is an important one for humanity.”
Shibarium is also intended to burn SHIB on every transaction, presumably making its buy-side liquidity more powerful.
Shiba Inu has outperformed its rival Dogecoin over the last week, putting in 24% in seven days compared to DOGE’s 17% in the same time frame. SHIB and DOGE have also significantly outperformed a new rival on the Solana (SOL) blockchain, Bonk (BONK).Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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Featured Image: Shutterstock/Alexander Limbach/WindAwake