Ethereum Whales Accumulate Staggering $422,000,000 of Shiba Inu in Less Than One Week: On-Chain Data

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).

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Featured Image: Shutterstock/Dukenod/WindAwake