Shiba Inu (SHIB) has cemented its status as the largest altcoin holding among the 500 biggest whales on the Ethereum (ETH) network, according to the blockchain tracking service WhaleStats.
Over $606.3 million in SHIB, representing about 54 trillion tokens at current prices, are sitting in the deep-pocketed investor’s wallets.
According to WhaleStats, the whales SHIB holdings outweigh their other altcoin positions by a vast margin.
Ethereum scaling solution Polygon (MATIC), the second biggest altcoin holding among the whales, currently trails SHIB by nearly $440 million.
“The top 500 ETH whales are hodling:
A number of Ethereum whales have been spotted rapidly accumulating Shiba Inu over the last several months as the Dogecoin rival’s ecosystem gears up for the launch of Shibarium, a layer-2 scaling project meant to make the network more efficient.
Late last year, a wallet that has yet to be identified began rapidly accumulating SHIB, and is now the single largest unknown address holding SHIB.
And last week, the wallet tracking platform Etherscan identified a large crypto whale who received 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 1st to a high of $0.00001549 on February 4th – representing a 90% increase.
It has since retraced and at time of writing, SHIB is trading at $0.00001117.
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Featured Image: Shutterstock/Andi syaputra/LongQuattro