The top 1,000 whales on the Ethereum ($ETH) network have been growing their exposure to Shiba Inu ($SHIB), a meme-inspired cryptocurrency, to the point where they currently own over $2 billion in the cryptocurrency.
The buildup was initially noticed on social media by on-chain monitoring site WhaleStats. Ethereum whales’ holdings exceeded the $2 billion threshold, and SHIB ranked first in terms of overall holdings among altcoins.
According to publicly available statistics, the native token of cryptocurrency exchange FTX followed Shiba Inu, with whales controlling over $1.7 billion in value. At $1 billion, the USDC stablecoin was followed by other prominent tokens such as the Bitpanda ecosystem Token (BEST), OKEx’s OKB, and others.
Shiba Inu’s price has been steadily increasing over the previous several weeks, due to a broader cryptocurrency market rebound and the project’s continued development. Earlier this month, Shytoshi Kusama, the cryptocurrency’s community leader, announced a partnership between Shiba Inu and Welly’s, a burger restaurant with a single physical location in Italy, to open the “first and only SHIB themed restaurant driven by the community.”
Welly’s will incorporate NFTs and Shiba Inu’s blockchain into its company as part of the arrangement, while SHIB will manage Welly’s payments. The community has embraced the idea to the point that it is now accepting new franchisees.
Additionally, Singapore-based blockchain solutions vendor Unification, which has worked with companies such as Google and Amazon, said that it has been collaborating with the Shiba Inu community to create Shibarium.
It’s worth mentioning that Shibarium is a layer-two network created on top of the Ethereum blockchain specifically for the purpose of supporting the Shiba Inu ecosystem. It is intended to facilitate “rapid, low-cost gaming transactions.” According to the release, Unification plans to establish a public testnet for the network “very shortly.”
Finally, the cryptocurrency’s liquidity has been strengthened lately by its inclusion on Foxbit, one of Brazil’s oldest and most prominent cryptocurrency trading platforms.
Also Read: Twitter’s Tipping Feature Now Includes Ethereum (ETH), A Leading Altcoin
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