New data shows 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 research platform WhaleStats, the top 1,000 have ETH whales swallowed up $422 million in the meme asset as of January 17.
It was previously reported that the same whales had about $168 million in SHIB, meaning they increased their holdings of competitor Dogecoin (DOGE) by a whopping 151% in just four days.
According to WhaleStats, the Shiba Inu accumulation wave has now ranked it as the most-held digital asset by the top 1,000 ETH whales, excluding ETH itself and stablecoins Tether (USDT) and USD Coin (USDC).
At the time of writing, SHIB holdings among the investor cohort now total $584 million.
Other digital assets held by the high net worth traders include $65 million in oracle provider Chainlink (LINK), $58 million each in decentralized exchange Uniswap (UNI) and deflationary crypto BIT, as well as $55 million in interoperable blockchain Quant (QNT). ).
The whale activity around Shiba Inu may have affected the price of the meme token as it surged from $0.00001045 on January 17 to a peak of $0.00001210. SHIB has continued to rise ever since and is changing hands at $0.00001226 at the time of writing.
Whale accumulation of SHIB comes as the ecosystem gears up for a beta version 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).
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Featured image: Shutterstock/Dukenod/WindAwake