Ethereum (ETH) whale addresses now hold $2B worth of Shiba Inu (SHIB)

Shiba Inu continues to make headlines despite the market dips across the cryptocurrency market. Whale addresses on the Ethereum network have been increasing their meme coin holdings and now hold more than $2 billion worth of Shiba Inu (SHIB/USD).

Ethereum whales accumulating SHIB

Data from WhaleStats shows that the top 1000 whales on the Ethereum network have surpassed the $2 billion threshold. The other popular coin among Ethereum whales is FTX, with these addresses holding more than $1.7 billion of the native token of the FTX exchange.

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USDC ranks as the third popular coin among Ethereum whales with $1 billion in holdings. Other popular tokens among the top 1000 Ethereum addresses include BEST of the BitPanda ecosystem, and OKB, the native token of the OKEX exchange.

Developments in the Shiba Inu ecosystem

The accumulation of SHIB among Ethereum whales comes amidst notable developments across the Shiba Inu ecosystem. The price of SHIB has been on a slight uptrend due to recovery across the broader cryptocurrency market.

Recently, Shytoshi Kusama, the developer behind Shiba Inu, announced that the meme coin was a partnership with Welly’s, an Italian fast-food restaurant. The restaurant will have a Shiba Inu theme, and it will accept SHIB as a means of payment. Welly’s will also integrate SHIB NFTs into its offerings as part of its operations.

Shiba Inu has also made other notable partnerships. Unification, a blockchain solutions provider based in Singapore, announced plans to work with the meme coin to develop Shibarium. Unification has worked with tech giants such as Amazon and Google.

Shibarium is a layer two network created on the Ethereum blockchain. The blockchain provides support for the Shiba Inu ecosystem. The platform will bring low and fast transactions customized for the gaming sector. The announcement adds that Unification will soon develop a public testnet for the network.

The Shiba Inu community has been active in a burning process to boost its prices. Moreover, a price rally was triggered after SHIB was listed on FoxBit, one of Brazil’s oldest and leading popular exchange platforms.