Top Ethereum Whales Are Holding a Whopping 49 Trillion Shiba Inu ($SHIB) Tokens, Data Shows

The largest Ethereum ($ETH) whales on the blockchain, according to available data, are currently holding onto Shiba Inu ($SHIB) more than any other cryptocurrency, excluding stablecoins and Ethereum’s native token itself.

According to data from whale monitoring service WhaleStats, the 100 largest Ethereum whales currently collectively possess an astonishing 49.62 trillion SHIB tokens, valued at approximately $600 million.

Ethereum continues to reign supreme as the monarch of their portfolios, with an aggregate holding of 3.12 million ETH, a sum valued at an imposing $5.13 billion based on current market prices.

The whales’ holdings also encompass a vast array of cryptocurrency assets, with USD Coin (USDC) and Tether (USDT) following close on the heels of Ethereum. These investors collectively hold 788 million USDC tokens and approximately 707 million USDT tokens, valued at $789.05 million and $706.9 million respectively.

As CryptoGlobe reported, Shiba Inu’s burn rate has recently skyrocketed by nearly 7,000% within a 24-hour period, as over 341 million tokens were burned in a single day. The meme-inspired cryptocurrency charted an impressive rally earlier this month, outperforming most other digital assets and effectively lifting over a trillion of its tokens out of the red and back into profitability.

As reported, the native test network of Shiba Inu’s layer-2 Shibarium, fondly called Puppynet, has recorded an impressive tally of over 20 million transactions, emanating from an estimated 16 million wallets. This notable achievement signals the network’s steady march towards a broader release slated for the forthcoming months.

Shibarium represents a milestone for the Shiba Inu ecosystem, whose token is currently running on the Ethereum network which, despite being a highly safe and decentralized blockchain, has drawbacks when it comes to scalability and transaction throughput.

Featured image via Unsplash.

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