New data reveals that the Shiba Inu (SHIB) holdings of the world’s largest Ethereum (ETH) whales have grown by hundreds of millions of dollars in less than a week.
According to whale-surveying platform WhaleStats, the top 1,000 ETH whales have gobbled up $422 million worth of the meme asset since January 17th.
Previously, it was reported that the same whales had about $168 million worth of SHIB, meaning they increased their holdings of the Dogecoin (DOGE) competitor by a staggering 151% in just four days.
According to WhaleStats, the accumulation spree of Shiba Inu now has it ranked as most held digital asset by the top 1,000 ETH whales, excluding ETH itself and stablecoins Tether (USDT) and USD Coin (USDC).
At time of writing, SHIB holdings among the investor cohort now add up to $584 million.
Other digital assets held by the high-net-worth traders include $65 million worth of oracle provider Chainlink (LINK), $58 million each in decentralized exchange Uniswap (UNI) and deflationary crypto BIT, as well as $55 million worth of interoperable blockchain Quant (QNT).
The whale activity centered around Shiba Inu may have impacted the meme token’s price, as it went from $0.00001045 on Jan 17th to a peak of $0.00001210. SHIB has since continued to rise and is changing hands for $0.00001226 at time of writing.
Whale accumulation of SHIB comes as the ecosystem gears up for a beta release of Shibarium, a proposed layer-2 for the DOGE rival.
The protocol will be a layer-2 network built on top of Ethereum, similar to Polygon (Matic), Arbitrum and Optimism (OP).
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check 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/Dukenod/WindAwake
The post Ethereum Whales Accumulate Staggering $422,000,000 of Shiba Inu in Less Than One Week: On-Chain Data appeared first on The Daily Hodl.