One of the largest Ethereum (ETH) whales in existence is filling its bags full of Dogecoin (DOGE) rival Shiba Inu (SHIB) in a big way.
According to blockchain tracking service WhaleStats, the large Ethereum whale has accumulated over $228 million worth of SHIB, currently holding more than 18 trillion tokens.
At time of writing, the whale, whose identity is as of yet unknown, has allocated 75% of his entire portfolio, excluding the ETH portion, to SHIB.
CoinMarketCap reveals that the whale in question is the sixth-largest holder of SHIB, owning 1.88% of the meme coin’s total supply.
Other notable token holdings in the deep-pocketed investor’s wallet are Ethereum scaling solution Polygon (MATIC) and decentralized oracle service Chainlink (LINK).
Based on WhaleStats’ data, it appears that other Ethereum whales are following suit by aggressively allocating to SHIB. Whalestats recently reported that SHIB is currently the biggest holding among the top 1,000 Ethereum whales, excluding stablecoins and ETH itself.
SHIB has opened the year with a bang, currently up nearly 50% year to date, trading for $0.00001209 at time of writing. The price action and whale accumulation comes as the ecosystem anticipates the launch of Shibarium, the proposed layer-2 solution that aims to deliver scalability among other features.
Bone ShibaSwap (BONE), the token slated to be used for gas on Shibarium, has also enjoyed rallies since the start of the year. BONE is currently up 60% this year, trading for $1.40 at time of writing.
Earlier this month, Shiba Inu developers teased the launch of Shibarium, but no specific release date has been set.
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Featured Image: Shutterstock/KeremGogus/WindAwake
Source: https://dailyhodl.com/2023/01/23/massive-ethereum-whale-loads-up-on-shiba-inu-accumulates-over-228000000-in-shib-whalestats/