A crypto whale that’s been dabbling within the Shiba Inu ecosystem has become one of the largest holders of SHIB after stacking nine figures worth of Dogecoin’s (DOGE) biggest rival this past month.
According to data recorded by blockchain tracker WhaleStats, a wallet of unknown origin has accumulated over 10,200,000,000 SHIB tokens worth about $131 million at time of writing.
WhaleStats’ data shows that the wallet only had about $3,900 worth of crypto on January 13th before its massive accumulation spree.
According to WhaleStats, SHIB is the biggest altcoin holding among the top 5,000 largest whales within the Ethereum (ETH) network. Excluding stablecoins and ETH itself, SHIB is the favorite altcoin of Ethereum whales, ahead of oracle network Chainlink (LINK), decentralized exchange (DEX) Uniswap (UNI) and virtual world blockchain Decentraland (MANA).
On Saturday, SHIB was the most purchased token among the top 5,000 whales, other than stablecoins and Wrapped Bitcoin (WBTC), according to WhaleStats.
The whale accumulation comes as the Shiba Inu community awaits the release of Shibarium, a scaling solution built on top of Ethereum, similar to Polygon (MATIC), which aims to make the network more efficient.
SHIB is up about 60% this year, trading for $0.00001333 at time of writing. Despite this year’s ascent, SHIB remains down nearly 85% from its all-time high, which it hit in October 2021.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