54,308,468,786,386 Shiba Inu (SHIB) now in the hands of the world’s largest Ethereum whales

Shiba Inu (SHIB) has cemented its status as the largest altcoin holding among the top 500 whales on the Ethereum (ETH) network, according to blockchain tracking service WhaleStats.

Over $606.3 million in SHIB, representing around 54 trillion tokens at current prices, sits in the wallet of the deep-pocketed investor.

According to WhaleStats, the whale SHIB holdings outweigh their other altcoin positions by a large margin.

Ethereum Scaling Solution Polygon (MATIC), the second largest altcoin holding among whales, currently trails SHIB by nearly $440 million.

“The Top 500 ETH Whales Goof:

$606,354,054 SHIB
$166,807,633 MATIC
$155,922,150 BEST
$146,459,691 LINK
$131,748,690 CHSB
$95,129,958 UNI
$70,172,580 LOCUS
$68,858,117 MANA”

A number of Ethereum whales have been spotted rapidly accumulating Shiba Inu over the past few months as the Dogecoin rival’s ecosystem gears up for the launch of Shibarium, a layer-2 scaling project intended to make the network more efficient.

Late last year, a yet-to-be-identified wallet began rapidly accumulating SHIB, and is now the largest unknown address holding SHIB.

And last week, wallet tracking platform Etherscan identified a major crypto whale that 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 reversed and at the time of writing SHIB is trading at $0.00001117.

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Featured Image: Shutterstock/Andi syaputra/LongQuattro