A massive Shiba Inu whale has accumulated over 10 trillion tokens of the meme-inspired cryptocurrency in about a month, in an accumulation trend that suggests it has been moving funds from another wallet it controls, presumably for security or organizational purposes.
According to data from whale monitoring service WhaleStats, the whale wallet had around $3,900 worth of digital assets on its wallet at the beginning of the year, before entering a massive accumulation spree of the meme-inspired cryptocurrency.
Shiba Inu currently makes up 99% of the wallet’s portfolio, with it only having $2,600 worth of Uniswap ($UNI) and $575 worth of SideShift Token ($XAI). The accumulation has seen the wallet become one of the largest $SHIB holders on the blockchain, a significant feature taking into account the cryptocurrency is the largest altcoin holding among the top 5,000 whales on Ethereum.
Behind Shiba Inu an Ethereum’s native $ETH token, whales on the network are holding onto Chainlink ($LINK), $UNI, and Decentraland ($MANA), as Daily Hodl reported. The whale accumulation comes at a time in which the Shiba Inu community is eagerly awaiting the release of its layer-2 scaling solution, Shibarium.
As CryptoGlobe reported, blockchain data has revealed that most SHIB holders are still underwater, while the majority of rival memecoin Dogecoin ($DOGE) holders are in a state of profit.
Earlier this year Shiba Inu partnered with the North American luxury brand Bugatti Group in the minting of non-fungible tokens (NFTs) in a “special event” in which the Bugatti Group hosted a “mint party and space” dedicated to Shiboshis.
According to an account associated with the meme-inspired cryptocurrency, the special mint collection “sold out in the first 4 minutes” of the event as demand for the tokens far exceeded supply.
Featured image via Pixabay.
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