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One of the largest Ethereum (ETH) whales in existence is filling its bag with Dogecoin (DOGE) rival Shiba Inu (SHIB).
According to blockchain tracking service WhaleStats, large Ethereum whales are accumulation It holds SHB worth over $228 million and currently holds over 18 trillion tokens.
At the time of writing, Whale, whose identity is still unknown, has allocated 75% of its entire portfolio to SHIB, excluding the ETH portion.
coin market capitalization make clear The whale in question is the 6th largest owner of SHIB, owning 1.88% of the total memecoin supply.
Other notable token holdings in the wallets of wealthy investors are Polygon (MATIC), an Ethereum scaling solution, and Chainlink (LINK), a decentralized oracle service.
Based on WhaleStats data, other Ethereum whales appear to be following suit by actively allocating to SHIB. Whalestats recently reported that SHIB is currently the largest holding among his top 1,000 Ethereum whales, excluding stablecoins and ETH itself.
SHIB is off to a good start to the year, currently up almost 50% year-to-date and trading at $0.00001209 at the time of writing. Price action and whale hoarding occur as the ecosystem anticipates the launch of Sibarium, a proposed Layer 2 solution aimed at providing scalability among other features.
The Bourne Shiva Swap (BONE), the token that will be used for gas in Sibarium, has also enjoyed an uptrend since the beginning of the year. BONE is currently up 60% this year and he is trading at $1.40 at the time of writing.
Earlier this month, Shiba Inu developers hinted at the launch of Shibarium, but no specific release date has been set.
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Featured Image: Shutterstock/KeremGogus/WindAwake
