Shiba Inu (SHIB) has confirmed its status as the largest altcoin holding among the 500 largest whales on the Ethereum (ETH) network, according to blockchain tracking service WhaleStats.
More than $606.3 million in SHIB, which equates to approximately 54 trillion tokens at current prices, sits in the investor’s wallet with big pockets.
According to WhaleStats, whale SHIB holdings far outweigh their other altcoin holdings.
Ethereum scaling solution Polygon (MATIC), the second largest altcoin holding among whales, is currently nearly $440 million behind SHIB.
“Hodling the top 500 ETH whales:
A number of Ethereum whales have been spotted over the past few months, quickly bulking up Shiba Inu, as the Dogecoin rival’s ecosystem gears up for the launch of Shibarium, a tier-2 scaling project aimed at making the network more efficient.
Late last year, an as-yet-to-be-identified wallet quickly began accumulating SHIB and is now the largest unknown address with SHIB.
And last week, wallet tracking platform Etherscan identified a major crypto whale receiving 118,058,494,947 SHIB worth $1.34 million in one day.
SHIB had an explosive start to the year, rising from $0.00000814 on January 1 to a high of $0.00001549 on February 4 – a 90% increase.
It has since been rolled back and at the time of writing, SHIB is trading at $0.00001117.
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Featured image: Shutterstock/Andi syaputra/LongQuattro