The meme-inspired cryptocurrency Shiba Inu ($SHIB) has become Ethereum whales’ top token holding after surpassing FTX’s $FTT token and leading stablecoin USDT among the network’s largest whales.

According to on-chain large balance tracking platform WhaleStats, Shiba Inu recently surpassed FTX’s token, and has been above the native tokens of other cryptocurrency trading platforms including Bitpanda ($BEST) and OKX ($OKB).

Other large whale positions are in Polygon ($MATIC), Decentraland ($MANA), and Chainlnk ($LINK). It’s worth noting that Ethereum’s native ETH isn’t counted as a token holdings as it’s the network’s currency, used to pay for transactions.

Per WhaleStats, on average Ethereum whales holdings $357,000 worth of ETH, meaning it’s their number one cryptoasset holding by far. Shiba Inu become the largest token holding after one whale, identified as “BlueWhale0073” made a $5.78 million investment to buy 223.7 billion SHIB.

The whale’s investment came shortly after SHIB’s trading volume exploded over its listing on the popular commission-free trading platform Robinhood, along with Polygon (MATIC), and Compound (COMP).

The listing was celebrated by the Shiba Inu community as a whole, but seemingly didn’t prompt long-term holders to divest of their holdings, as addresses holding SHIB for over a year have seen their balance rise by 57% in the last 30 days, according to IntoTheBlock data.

Shiba Inu developer “kaaldhairya” recently shared an upgrade of what he is currently working on for SHIB, while also noting the project’s decentralized exchange is getting “new ways to earn” and that its upcoming burn portal is set to allow users to earn rewards.

Shibarium, it’s worth noting, is a layer-two network built on top of the Ethereum blockchain meant to support the Shiba Inu ecosystem. It’s set to enable “rapid low cost transactions optimized for gaming.”

The developer also mentioned the project’s stablecoin SHI, saying it’s “in development” and asking the cryptocurrency’s community to vote on their favorite collateral for it.

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

IMAGE CREDIT

Featured image via Pixabay