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
$148,197,940 BEST
$85,540,230 LOCUS
$84,571,717 SHIB
$61,997,059 BIT
$57,980,317 UNI
$56,226,206 UnknownToken
$50,710,608 MATIC
$36,478,758 LINK”
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 inboxCheck Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Alexander Limbach/WindAwake
