A mysterious Shiba Inu ($SHIB) whale has been continuously adding new tokens to its wallet, to the point that it added over 384 billion SHIB in just 10 days, to now hold over $255 million worth of the meme-inspired cryptocurrency.
According to Ethereum blockchain data, the whale currently holds over 19.4 trillion tokens. Data taken from blockchain interface Zerion shows that the whale has been gradually adding to hits Shiba Inu holdings over time through a series of transactions, and hasn’t been selling.
Blockchain data shows that $SHIB is the whale’s second-largest cryptocurrency holding, behind Ethereum’s native token $ETH, of which the whale has over $300 million worth of tokens. Behind SHIB the whale has $60 million in Polygon ($MATIC), $15 million in Chainlink ($LINK), $9 million in Compound ($COMP), and $5.6 million in Uniswap’s $UNI. The whale also has $16.8 million worth of $AVX on the Avalanche network.
As CryptoGlobe reported, the total number of addresses holding onto the meme-inspired cryptocurrency SHIB on Ethereum has recently surpassed 1.3 million, ahead of the expected launch of the project’s layer-2 scaling solution Shibarium.
Notably, Shiba Inu investors have shown they aren’t planning on selling en masse, as the median time that users on Coinbase hold onto the meme-inspired cryptocurrency before either selling it or moving it to an external address has surpassed the 230-day mark.
The number of Shiba Inu holders has been growing ahead of the expected launch of Shibarium, an upcoming layer-2 solution that aims to improve the Shiba Inu ecosystem by providing faster transactions at a lower cost, among other important improvements. There are still a lot of questions surrounding the release and utility of Shibarium, however.
Shibarium will work alongside Ethereum to process transactions on the Shibarium ecosystem. It will take a large cut of the transaction load the Shiba Inu ecosystem currently brings onto Ethereum to process it on the Shibarium chain.
Further, the layer-2 will remove tokens from circulating to reduce supply and help boost the price. This is known as a token burning mechanism, in which tokens are sent to wallets that can only receive tokens but not send them, also called Dead Wallets. Shibarium will burn $SHIB and require $BONE for transactions.
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